Already a Bloomberg.com user?
Sign in with the same account.
A commission appointed by the Group of 20 nations is concerned about the reliance on individual judgments in deriving benchmark assessments at oil price- reporting agencies.
The International Organization of Securities Commissions published today an update to G-20 listing eight issues on the way in which price-reporting agencies operate that may lead to the markets being manipulated. Among the matters raised are conflict of interest, handling of complaints and methodology.
The G-20 appointed IOSCO in November to investigate the role played by the agencies, including Platts, the energy and pricing unit of McGraw-Hill Cos. (MHP), and Argus Media Ltd., in the functioning of oil markets, their methods of operation and governance and options for future oversight. Platts has reported on energy markets since 1909.
Madrid-based IOSCO brings together national market regulators from more than 100 countries to coordinate rules and share information. The committee is in the process of finalizing a draft set of recommendations that will be circulated for comment before delivering a final report to G-20 leaders later in the year.
To contact the reporter on this story: Rupert Rowling in London at email@example.com
To contact the editor responsible for this story: Stephen Voss at firstname.lastname@example.org