Reuters: Regulatory News: REFILE-Oil pricing agencies propose self-regulatory code

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REFILE-Oil pricing agencies propose self-regulatory code Apr 30th 2012, 14:07 Mon Apr 30, 2012 10:07am EDT LONDON, April 30 (Reuters) - Oil price reporting agencies Platts, Argus and ICIS have launched a draft price reporting code to avoid conflicts of interest and ensure transparency, moving to head off increased scrutiny proposed by international regulators. The proposal comes as the International Organisation of Securities Comissions (IOSCO) decides whether to increase oversight of the agencies, whose prices are used to settle billions of dollars of deals in physical oil, the world's biggest traded commodity. The draft Price Reporting Code for Independent Price Reporting Organisations (the IPRO Code) "provides for robust monitoring and compliance", the companies said on Monday. IOSCO, whose members regulate more than 95 percent of the world's securities markets, said last month that oil price reporting might be regulated in an attempt to prevent market manipulation and increase transparency. It asked for responses by March 30. A top industry consultant, Liz Bossley, said earlier this month that Platts, which is owned by McGraw-Hill has too much power in the physical oil markets. "Our efforts to develop and promote this code, along with Argus and ICIS, reflect Platts' commitment to fostering transparency, efficiency and integrity in the markets well into the future," said Platts President Larry Neal in a statement. The three companies are seeking comments from the industry. Link this Share this Digg this Email Reprints

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