Oil Probe Asks Reporting Agencies to Adopt Robust Methods

A commission appointed by the Group of 20 nations to investigate possible manipulation in oil markets concluded today that price reporting agencies should adopt robust methods and audit trails to ensure the reliability of derivative contracts based on price assessments.

The International Organization of Securities Commissions was appointed by the G-20 in November to investigate the role played by the agencies, including Platts, the energy and pricing unit of McGraw-Hill Cos., and Argus Media Ltd., in the functioning of oil markets, their methods of operation and governance and options for future oversight.

Platts, Argus and ICIS issued a draft self-regulatory code in April in reaction to an earlier report from IOSCO.

Madrid-based IOSCO brings together national market regulators from more than 100 countries, including the U.S. Commodity Futures Trading Commission, to coordinate rules and share information.

To contact the reporter on this story: Rupert Rowling in London at rrowling@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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