3 Oil Price Reporting Agencies Launch Draft Price Reporting Code
30 April 2012 - 4:01PM
Dow Jones News
Three of the world's key price reporting agencies--responsible
for setting the price of major oil and oil product
benchmarks--Monday launched a draft code to provide robust
monitoring and compliance within their industry.
Price reporting agencies, Platts, Argus Media Group, and ICIS
said they are now seeking feedback on their draft Price Reporting
Code for Independent Price Reporting Organisations, or IPRO
Code.
"The code is designed to demonstrate and ensure that all
signatories meet the high standards and principles of good
governance required to effectively serve the markets and
customers," the companies said in a joint press statement.
"It is intended that once the code is finalized, all independent
price reporting organisations will be invited to become signatories
and agree to adhere to the code," the statement added.
The launch of the draft IPRO code follows a 30-day consultancy
in March by the International Organization of Securities
Commissions on the functioning and oversight of oil PRAs.
By Sarah Kent, Dow Jones Newswires;4420-7842-9376;
sarah.kent@dowjones.com