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SSF MTM Question (Simon?)

Frequent Contributor
Please can you explain in as simple terms as possible why the MTM price changes so drastically when the market closes? I have noticed numerous times that the SSF will be at a loss during the day, then suddenly jump up during closing auction and while the markets are closed, then come back down the next day just before open. The SFM educational stuff doesn't really explain MTM clearly (or am I missing something?) Thanks in advance.
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Valued Contributor
MTM is a value set by SAFEX, before the MTM kicks in p/l is worked on bid (if long) or offer (if short). after 5pm the values will be wild as bids drop out of the market, 7pm the MTN kicks in and that's the official level. Then 7.30am we revert back to the bid/offer values and once again this will look odd until the opening.
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Occasional Contributor
A brilliant explanation for something which is really confusing to newcomers. It should be published mor widely. JDC
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Super Contributor
hey simon, for what it is worth, they dont really cover this well in the educational presentations/roadshows either. the notes have info on the website, and how OST presents info, P&L etc, but Brett didnt cover that section. possibly because he is not a fundi on OST itself (understandably).
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