"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)
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)
