IOSCO Report Shows Progress in the Adoption of Standard Principles by Oil Price Reporting Agencies

IOSCO issued a report titled Implementation of the Principles for Oil Price Reporting Agencies. The report sets out principles that are intended to enhance the reliability of oil price assessments referenced in derivative contracts, subject to regulation by IOSCO members. This report is the second in a series on oil price reporting and price reporting agencies (PRAs).

The report takes into account the results of the PRAs' second-year assurance reports, the operational changes implemented by the PRAs and the public comments received on the continuing implementation of the PRA Principles.

IOSCO's report concludes that the PRAs have made the principles an integral part of their management policies and operational practices.