FUNCTIONING AND OVERSIGHT OF OIL PRICE REPORTING AGENCIES

"While  certain  PRAs  have  pricing  processes  that  are  reproducible  using the  underlying  data, others do not (the principal difference being the use of “judgement” that may bias prices away rather than toward the market) ... For all transactions linked to PRA prices, Platts represent 90% to 95% of transactions  on  crude  85%  to  90%  of  transactions  on  products,  and  85%  to  90%  of  OTC derivative transactions ... Platts imposes a methodology that does not furnish a market price but rather a price to the market. Sometimes  the  criteria  imposed  by  PRAs  do  not  assure  an  accurate  representation  of  the market and consequently deform the real price levels paid at every level of the price chain, including by the consumer ... Inaccurate pricing is not simply an issue regarding the pricing of OTC contracts. Margins for refiners and retailers as well as prices for end-users are directly impacted by erroneous prices ... PRA  processes  can  themselves  result  in  selectivity  by inappropriately  excluding  market  participants  or  specific  transactions.  In  particular,  Platts’ procedure of putting market participants “in the box” [excluding them from the price assessment process] ... The  PRAs  need  to  provide  a  transparent  process  of  elaborating  prices.  The process  must  exclude  judgment ... It is unacceptable for the  PRAs  to  hide  behind  “journalistic  independence”  as  an  excuse  for  not dialoguing with the actors in the oil market ... There is a need to ensure that PRAs  do  not  abuse  their  positions  of  dominance  by  egregiously  jacking  up  the price of their services to take advantage of their pricing power  ..  Conflict of interest in ownership could be a concern that would be worth regulating ... We encounter, several times a year, estimates of market prices on key indices that are out of line with our experience of the day and with the available information on which the price formation is based ...  PRAs  are  not  philanthropic organizations. They are businesses with growth and revenue targets. The prices they report must be of commercial interest."

Antwort von Total S.A. auf den Konsultationsbericht des Technischen Kommitees der International Organization of Securities Commissions (IOSCO) über  bewusst verzerrte Ölpreismeldungen durch Price Reporting Agencies (PRA), insbesondere durch den Marktführer Platts. Erschienen bei IOSCO (24. August 2012)
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