Frequently Asked Questions

Scroll down to view may of the more common questions users ask about the Exchange. In addition to this FAQ section, further information can be obtained using the Guide and Glossary links on the trading platform or by contacting Exchange staff during trading hours.

FAQ

Welcome to the Live Trade Platform (TORS) operated by INSCX exchange, the world commodity exchange for trade in polymers, base oils. advanced materials and engineered nanomaterials. Here we list answers to the common Frequently Asked Questions (FAQ’s) concerning the Exchange for your information. Additional supports and clarifications can be obtained by contacting the office of the exchange Registrar or any member of the trading team. Tel: 44 (0) 203 137 5187 or via e-mail: registrar@inscx.com
INSCX exchange is a formal commodity exchange system functioning as a self-regulating organisation (SRO) listing materials for physical delivery, providing a range of industry support tools; from the exchange itself, through specialist auctions and tenders including non-commercial member merchant involvement, to execution and settlement. INSCX also offers a number of supports and services which are outlined on the main website. We are based in the United Kingdom and specific to price discovery and instruction of physical delivery trade as opposed to financial or speculative trade in the materials we list for trade. As a marketplace, INSCX exchange follows many of the conventions long associated with the commodities industry over many decades designed to ensure a neutral, open, and fair market for all participants. INSCX exchange is aimed to cater for the interests of producers, end-users and distributors of the various materials which are quoted.
The trading floor is an electronic communication network (ECN) accessible via https://inscx.com/trading to registered and approved users of the Exchange. On approval, users are issued a unique LOGON access to the trade floor. To register to access the Exchange applicants are invited to complete the online form via the link: https://inscx.com/register/
To register on INSCX, please go to https://inscx.com/register/ and complete all the information on the form and submit. After successful verification of furnished information, to access the Exchange you pay the annual subscription fee for the appropriate membership fee for the category of membership sought. Payment can be made online via this link: https://inscx.com/trading/subscribe/ On receipt of the subscription, the user is notified as authorized to access, trade (or both) on the Exchange platform and issued secure LOGON access.
For actual physical trade, payments are handled in accordance with supplier terms and conditions for a Reported Only trade which is a Bilateral trade type. Where the Exchange acts as counterparty between buyer and seller, payments are cleared against contract / on delivery through the Exchange clearing account system. When you are using our secure online payment page to subscribe for access to the live trade platform, as opposed to instructing actual physical trade, your payment is processed by a third party payment processor, who specialises in the secure online capture and processing of credit/debit card transactions. If you have any questions regarding secure transactions, please contact us.
These terms outline conditions governing use of the INSCX exchange Website. INSCX exchange is located at: Chapel House Chapel Street, Congleton, Cheshire, CW12 4AB, England. By accessing this website we assume you accept these terms and conditions in full. Do not continue to use the INSCX exchange’s website if you do not accept all of the general terms and conditions stated on this page. The following terminology applies to these Terms and Conditions, Privacy Statement and Disclaimer Notice and any or all Agreements: “Client”, “You” and “Your” refers to you, the person accessing this website and accepting the Company’s terms and conditions. “The Company”, “Ourselves”, “We”, “Our” and “Us”, refers to our Company. “Party”, “Parties”, or “Us”, refers to both the Client and ourselves, or either the Client or ourselves. All terms refer to the offer, acceptance and consideration of payment necessary to undertake the process of our assistance to the Client in the most appropriate manner, whether by formal meetings of a fixed duration, or any other means, for the express purpose of meeting the Client’s needs in respect of provision of the Company’s stated services/products, in accordance with and subject to, prevailing law of UK. Any use of the above terminology or other words in the singular, plural, capitalisation and/or he/she or they, are taken as interchangeable and therefore as referring to same. License Unless otherwise stated, INSCX-Exchange and/or it’s licensors own the intellectual property rights for all material on INSCX-Exchange. All intellectual property rights are reserved. You may view and/or print pages from https://inscx.com for your own personal use subject to restrictions set in these terms and conditions. You must not: Republish material from https://inscx.com Sell, rent or sub-license material from https://inscx.com Reproduce, duplicate or copy material from https://inscx.com Redistribute content from INSCX-Exchange (unless content is specifically made for redistribution). Hyperlinking to our Content The following organizations may link to our Web site without prior written approval: Government agencies; Search engines; News organizations; These organizations may link to our home page to view public and general information ONLY, to publications or to other Web site information so long as the link: (a) is not in any way misleading; (b) does not falsely imply sponsorship, endorsement or approval of the linking party and its products or services; and (c) fits within the context of the linking party’s site. Access to individual and/or sensitive price information supplied by our users to the trade platform is however, restricted in accordance with the nominee disclosure protocols observed by the exchange. Approved organizations may hyperlink to our Web site as follows: By use of our corporate name; or By use of the uniform resource locator (Web address) being linked to; or By use of any other description of our Web site or material being linked to that makes sense within the context and format of content on the linking party’s site. No use of INSCX-Exchange’s logo or other artwork will be allowed for linking absent a trademark license agreement. Iframes Without prior approval and express written permission, you may not create frames around our Web pages or use other techniques that alter in any way the visual presentation or appearance of our Web site. Reservation of Rights We reserve the right at any time and in its sole discretion to request that you remove all links or any particular link to our Web site. You agree to immediately remove all links to our Web site upon such request. We also reserve the right to amend these terms and conditions and its linking policy at any time. By continuing to link to our Web site, you agree to be bound to and abide by these linking terms and conditions. Removal of links from our website If you find any link on our Web site or any linked web site objectionable for any reason, you may contact us about this. We will consider requests to remove links but will have no obligation to do so or to respond directly to you. Whilst we endeavour to ensure that the information on this website is correct, we do not warrant its completeness or accuracy; nor do we commit to ensuring that the website remains available or that the material on the website is kept up to date. Content Liability We shall have no responsibility or liability for any content appearing on your Web site. You agree to indemnify and defend us against all claims arising out of or based upon your Website. No link(s) may appear on any page on your Web site or within any context containing content or materials that may be interpreted as libelous, obscene or criminal, or which infringes, otherwise violates, or advocates the infringement or other violation of, any third party rights. Disclaimer To the maximum extent permitted by applicable law, we exclude all representations, warranties and conditions relating to our website and the use of this website (including, without limitation, any warranties implied by law in respect of satisfactory quality, fitness for purpose and/or the use of reasonable care and skill). Nothing in this disclaimer will: limit or exclude our or your liability for death or personal injury resulting from negligence; limit or exclude our or your liability for fraud or fraudulent misrepresentation; limit any of our or your liabilities in any way that is not permitted under applicable law; or exclude any of our or your liabilities that may not be excluded under applicable law. The limitations and exclusions of liability set out in this Section and elsewhere in this disclaimer: (a) are subject to the preceding paragraph; and (b) govern all liabilities arising under the disclaimer or in relation to the subject matter of this disclaimer, including liabilities arising in contract, in tort (including negligence) and for breach of statutory duty. To the extent that the website and the information and services on the website are provided free of charge, we will not be liable for any loss or damage of any nature. Privacy Policy (GDPR) At INSCX-Exchange, we’re committed to protecting and respecting your privacy. This Policy explains when and why we collect personal information about people who visit our website, how we use it, the conditions under which we may disclose it to others and how we keep it secure. We may change this Policy from time to time so please check this page occasionally to ensure that you’re happy with any changes. By using our website, you’re agreeing to be bound by this Policy. Any questions regarding this Policy and our privacy practices should be sent by email to registrar@inscx.com Our designated Data Controller is Michael McCann – Email : mike@inscx.com Who are we? We are INSCX-Exchange. Our registered office is Chapel House, Chapel St, Congleton, Cheshire CW12 4AB, England. How do we collect information from you? We obtain information about you when you use our website, for example, when you register access the Live trade platform, instruct trade and/or request to be included to obtain any of the newsletters we issued periodically. What type of information is collected from you? The personal information we collect might include your name, address, email address, IP address, and information regarding what pages are accessed and when. If you make a purchase online or submit your details to our company directory, your credit/debit card information is not held by us, it is collected by our third party payment processors, who specialise in the secure online capture and processing of credit/debit card transactions, as explained below. How is your information used? We may use your information to: •process orders that you have submitted; •to carry out our obligations arising from any contracts entered into by you and us; •dealing with enquiries •seek your views or comments on the services we provide; •notify you of changes to our services; •send you communications which you have requested and that may be of interest to you. These may include information about products, services and recent news •activities, promotions of our associated companies goods and services; •process a job application. We review our retention periods for personal information on a regular basis. We are legally required to hold some types of information to fulfil our statutory obligations. We will hold your personal information on our systems for as long as is necessary for the relevant activity, or as long as is set out in any relevant contract you hold with us. Who has access to your information? We do not sell or rent your information to third parties. We will not share your information with third parties for marketing purposes. Card Payments: When you are using our secure online payment page, your payment is processed by a third party payment processor, who specialises in the secure online capture and processing of credit/debit card transactions. If you have any questions regarding secure transactions, please contact us. Your choices You have a choice about whether or not you wish to receive information from us. If you do not want to receive direct marketing communications from relating to our products and services, then you can select your choices by ticking the relevant boxes situated on the form on which we collect your information. We will not contact you for marketing purposes by email, phone or text message unless you have given your prior consent. We will not contact you for marketing purposes by post if you have indicated that you do not wish to be contacted. You can change your marketing preferences at any time by contacting us by email: registrar@inscx.com How you can access and update your information The accuracy of your information is important to us. We’re working on ways to make it easier for you to review and correct the information that we hold about you. In the meantime, if you change email address, or any of the other information we hold is inaccurate or out of date, please email us at: registrar@inscx.com. You have the right to ask for a copy of the information INSCX. Exchange hold about you (we may charge £10 for information requests) to cover our costs in providing you with details of the information we hold about you. Security precautions in place to protect the loss, misuse or alteration of your information When you give us personal information, we take steps to ensure that it’s treated securely. Any sensitive information (such as credit or debit card details) is encrypted and protected with the following software 128 Bit encryption on SSL. When you are on a secure page, a lock icon will appear on the bottom of web browsers such as Microsoft Internet Explorer. Non-sensitive details (your email address etc.) are transmitted normally over the Internet, and this can never be guaranteed to be 100% secure. As a result, while we strive to protect your personal information, we cannot guarantee the security of any information you transmit to us, and you do so at your own risk. Once we receive your information, we make our best effort to ensure its security on our systems. Where we have given (or where you have chosen) a password which enables you to access certain parts of our websites, you are responsible for keeping this password confidential. We ask you not to share your password with anyone. Profiling We may analyse your personal information to create a profile of your interests and preferences so that we can contact you with information relevant to you. We may make use of additional information about you when it is available from external sources to help us do this effectively. We may also use your personal information to detect and reduce fraud and credit risk. Use of ‘cookies’ Like many other websites, the INSCX Exchange website uses cookies. ‘Cookies’ are small pieces of information sent by an organisation to your computer and stored on your hard drive to allow that website to recognise you when you visit. They collect statistical data about your browsing actions and patterns and do not identify you as an individual. For example, we use cookies to store your country preference. This helps us to improve our website and deliver a better more personalised service. It is possible to switch off cookies by setting your browser preferences. For more information on how to switch off cookies on your computer, visit our full cookies policy. Turning cookies of may result in a loss of functionality when using our website. Links to other websites Our website may contain links to other websites run by other organisations. This privacy policy applies only to our website‚ so we encourage you to read the privacy statements on the other websites you visit. We cannot be responsible for the privacy policies and practices of other sites even if you access them using links from our website. In addition, if you linked to our website from a third party site, we cannot be responsible for the privacy policies and practices of the owners and operators of that third party site and recommend that you check the policy of that third party site. Transferring your information outside of Europe As part of the services offered to you through this website, the information which you provide to us may be transferred to countries outside the European Union (“EU”). By way of example, this may happen if any of our servers are from time to time located in a country outside of the EU. These countries may not have similar data protection laws to the UK. By submitting your personal data, you’re agreeing to this transfer, storing or processing. If we transfer your information outside of the EU in this way, we will take steps to ensure that appropriate security measures are taken with the aim of ensuring that your privacy rights continue to be protected as outlined in this Policy. If you use our services while you are outside the EU, your information may be transferred outside the EU in order to provide you with those services. Review of this Policy We keep this Policy under regular review. This Policy was last updated in April 2018.
The services provided by INSCX are: : Online Physical Trading : Auctions and tenders : Phone brokerage : Real-time Quotations : Physical Trade Execution : Trade Liquidity : Spot/Forward trade types : Trading chat : Clearing Account services
The Exchange is open live during market hours and can be used to obtain accurate price discovery in the commodity categories listed (see Using INSCX) or to instruct actual physical sale or purchase of same. Access for a buyer or seller to place trade on the Floor following registration and approval to use the Exchange, is first communicated to the specialist merchant member, or via the online order ticket function. The specialist merchant operates the trade desk of INSCX on an Agency basis posting offers and bids on a best price basis. On receipt, the specialist broadcasts the trade anonymously on the live trade floor, and the parties then who are interested in the deal contact the specialist to accept and/or bid against. The originator gets reflected all the offers and/or bids anonymously against the original order, where then he / she has the option to choose the best. Once the originator chooses the suitable counter to the trade, the specialist discloses both parties to one another where there is agreement on the particulars of the trade. All the negotiations are done online and the specialist provides any assistance required by the parties during the same. When a contract is made, the trade is reported by the specialist in nominee (anonymous) format to the general market, confirmed principal counterparty to one another ONLY. Where the specialist is a principal counterparty to the trade the Exchange manages trade settlement.
Commodity exchange systems have long had different categories of member. Typically, members are defined as Commercial and Non-Commercial member types. Commercial members are typically producers or end users, while non-commercial members are agency facilitators such as Merchants and principal traders trading on their own account.
The introduction of Broker Assisted Trading is of longstanding on all the world major exchanges. This concept of a non-commercial broker or merchant class of member was first introduced on exchanges to ensure the discipline and neutrality of the market for all participants, and is often used by parties who have the capacity to trade internationally for commodities, but do not wish to deal directly for various reasons. On INSCX exchange the term “Merchant” is used to describe broker activity in this regard. Merchants, including the specialist merchant (Exchange Trade Desk) act to facilitate and are authorised to trade as principal on their own account on a cleared funds basis.
On INSCX the auction process prior to trade agreement is conducted anonymously live on the dealing floor and voice-supported by the specialist trade desk of the Exchange. Parties remain anonymous to one another up to the point where a deal is confirmed. The Parties concerned with the trade (buyer/Seller) find out whom the trade has been conducted with only when they have agreed to trade. The general market does not learn the identity of the trading parties and receive only a nominee notification that a trade in a given commodity has occurred at a given price for a given volume. This raises the issue of counter-party risk. All counterparties on INSCX are fully vetted as capable of performance in advance and fully funded, using cleared funds deposited into the Exchange clearing account system managed through several UK banking institutions. The Exchange does not permit credit transactions although the specialist can provide liquidity to support approved producer (and other seller members) where there is delay between contract agreement and physical delivery. Selling members of the Exchange may apply to be pre-approved for liquidity to the specialist merchant.
INSCX permits 2 primary trade types. 1. Bilateral: This is a trade agreed between a registered seller and buyer bound by the terms of trade of the seller, and once executed reported by the seller to the Exchange. 2. Agency: This is a trade where the Specialist Merchant (the Trade desk of the Exchange) has acted on an Agency basis buying/paying a seller match-selling/delivering to a buyer. Any contract which is created using the Exchange on an Agency basis is also legally binding on the parties agreeing to the trade in question.
A preview of any bid (buy order) / offer (sell order) can be seen by clicking the Ref. ID (left column) adjacent the commodity listing on the live trade platform. Clicking the Ref. will load an order ticket where the member can see all bid /offers anonymously pertaining to that commodity listing. Detail exposed by the Order Ticket are: Commodity, Quantity, Bid Price /Offer Price, Last Trade, Volume to date, daily change. Details as to the originator identity of any Bid / Offer remains anonymous disclosed only to the specialist who has accepted the order for placement and to any party agreeing a subsequent trade.
A user can monitor, alter or cancel any order they have placed on the platform during the trading session. Alterations and cancellations are first transmitted by voice or electronically to the Specialist who then process the request accordingly.
No. INSCX is specific to a prerequisite number of physical commodities ranging from nanomaterials, polymers, base oils, TiO2 and specialty minerals. Additional commodities can be requested for listing at the discretion of the Exchange.
Yes. INSCX levies tariffs on some, but not all categories of member. Full details are available on the corporate website: https://inscx.com/inscx-exchange/
The Exchange can be used to either trade or just access market data or both. Many members can opt simply to use the platform for data access only.
The cost of Agency trading on INSCX (termed clearing or merchant fees) varies depending on the commodity traded and is based on a % value of the transaction. An Agency trade is where the Specialist (Trade desk) acts to make payment to the seller against contract, match selling to the buyer agreeing to trade. Clearing frees are payable equally split between buyer and seller on trade completion. The % of clearing fees commences at 0.10% and are capped by the Exchange at 1%. NOTE: Where a buyer or seller chooses a particular merchant to instruct a trade, the Merchant is also authorised to charge a fee commensurate with the clearing rate levied by the Exchange.
Where a trade is agreed on a bilateral basis (direct between a seller and a buyer), the seller is charged a nominal reporting fee by the Exchange. This cost is disclosed on advance of any trade instruction.
Trade on INSCX is reported anonymously in nominee form through the Specialist merchant (the Exchange trade desk) citing Commodity, Trade Type, Quantity, Basis and Price only. Details of counterparty to a particular trade remain anonymous to the general market, known only to the parties to a given trade. When a trade is agreed, the specialist “Prints” the trade in nominee format on the NEWS Alert section of the trade platform. On the individual commodity Order Ticket, last trade and volume to date updates accordingly.
A key function of commodity exchange systems is price discovery and knowledge of the last traded volume and price is critical to enabling that function. It is for this reason that trades are reported and broadcast anonymously on INSCX so market participants can assess trade interest in a listed commodity without the identity of the buyer or seller being disclosed.
A Reverse auction is a term used to when a buyer for purchase of a commodity they require wishes to purchase at the best price without having to negotiate with each seller individually. On posting of the buyer BID, the sellers offer the best price the item as per their capacity. In most cases the lowest offer will secure the order, unless the buyer increases the bid to accept the best offer. Reverse Auction means placing an enquiry for the items required. On receipt, the specialist merchant of INSCX enters the BID details necessary for a seller to be able to contemplate placing an offer. The target price for the commodity in a reverse auction is the highest price that the buyer is willing to BID. This enables the buyer to locate the minimum offer without incurring any costs or extended efforts for finding and negotiating a trade. As soon as the instruction to BID is broadcast on INSCX, all the other members registered for that commodity can monitor the BID while viewing the particular commodity on the live trade platform. The specialist will also flash the BID in the Trade Alert section and via e-mail to registered users. The interested members can then load an order ticket to send their respective offers to the specialist who will post on a low-to-high basis. At each stage where buyers / sellers wish to adjust their respective Bids / Offers, these can be conveyed to the specialist for amendment.
A Forward auction is a term used when a trade is initiated by a seller for sale of the commodity which they can supply at the best price without having to negotiate with each buyer individually. The buyers in response can post BIDS against the seller OFFER and the highest quote stands most likely to get the deal provided the seller accepts. Forward Auction means placing an order for commodity that the seller can supply. A registered member of INSCX can place an OFFER using the Order Ticket which is transmitted to the Specialist and/or telephone/e-mail through the instruction. The minimum price for the commodity in forward auction is generally the lowest price that the seller is willing to accept. This enables the seller to locate the maximum quote without incurring any costs or efforts for finding and negotiating with buyers. As soon as the offer is broadcast anonymously on INSCX, all the other members registered for that commodity can monitor the OFFER while viewing the particular commodity on the live trade platform. The specialist will also flash the best OFFER in the Trade Alert section and via e-mail to registered users. The interested members can then load an order ticket to send their respective BIDS to the specialist who will post on a high-to-low basis. At each stage where buyers / sellers wish to adjust their respective Bids / Offers, these can be conveyed to the specialist for amendment and are visible on the live trading platform.
INSCX is a self-regulating organisation (SRO) governed by the laws of contract in the United Kingdom and international chemical registration requirements. The Exchange is not a speculative market and is strictly open only to commercial-users. INSCX also enforces additional rules particular to trade in each listed commodity, the rules particular to the commodity in question. These terms are available from the Exchange registrar on request specific to the commodity category in question.
When a deal is agreed, the deal settles in accordance with supplier terms and conditions (Bilateral Trade Only) which are uniform for a given commodity and approved by the Exchange. For Agency trades, settlement is in accordance with terms stipulated by the Exchange. Knowledge of these terms and conditions can be made known in advance of any trade instruction that may lead to a trade agreement, the agreed trade often referred to as a Bargain.
The Exchange specialist merchant can provide access to logistical, customs clearance and materials inspection services where required.
Transactions can be major multi-currency but permitted only in the currency of trade specified for each commodity listing.
No. The obligation to perform is binding on both parties to an agreed trade. Where there is dispute, the Exchange offers an arbitration facility, costs borne by the party initiating the dispute awarded on resolution to the aggrieved party.
For many users it may take time to become familiar with protocols and procedures followed by INSCX. Users are invited to view the Guide and Glossary tabs on the trading site for further guidance and welcome to request further tutorials from Exchange registrar and/or the Specialist merchant members of INSCX.
The specialist merchant acts to manage the trade platform and accept instructions from members to trade on the platform on a best-price basis. On INSCX exchange the specialist merchants are NCM Global Limited, a 100% wholly owned subsidiary of INSCX exchange and in respect of nanomaterials, Nanoshel (UK) Limited, a sales/trading merchant of the Exchange. (See Dealers Tab)
This is a term used to describe a situation in which the spot or cash price of a commodity is higher than the forward price. Backwardation is associated with supply shortage in the commodity concerned.
This is a term used to describe a situation in which the spot or cash price of a commodity is lower than the forward price. Contango is associated with an oversupply in the commodity concerned.
The Exchange can be contacted during UK and North American business hours via online form, phone or e-mail using the link: https://inscx.com/contact-us/
Producers can use INSCX for a variety of reasons outlined in points 1-6. Firstly, 1. To access price and market data for the categories they wish to trade or observe, e.g. Polymers, Base Oils, TiO2 and nanomaterials. 2. To submit anonymous sell orders SPOT and/or Forward at prices they choose. 3. To access technical analysis tools such as charting. 4. To report trades anonymously to the Exchange dealers to aid better and more credible price discovery. 5. To trade on a cash versus contract basis with their approved end user customers should they choose. 6. To secure more business as any orders from cash customer submitted to the Exchange Specialist to purchase for example polymers, can only be conveyed to producers who are actual members of the Exchange.
Buyers can also use the Exchange for a variety of reasons. For example, buyers can use INSCX to access market data producers and buyers provide to the Exchange to aid credible price discovery, or to instruct trade anonymously on a front month (SPOT) or Forward basis assured of supplier performance.