Argus notes Iosco report on price reporting agencies

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Oct 05, 2012, 01:10 ET

LONDON, Oct. 5, 2012 /PRNewswire/ -- Global energy and commodity price reporting agency Argus Media notes the publication today of the final report on principles for oil price reporting agencies (PRAs) by the International Organization of Securities Commissions (Iosco).

Argus Media has for many years worked to high standards of market reporting and governance, which reinforce the integrity of the price assessment process.

Commenting on the Iosco report, Argus Media chairman and chief executive Adrian Binks said: "Argus Media shares common interests with Iosco in encouraging market transparency and ensuring that the highest standards are being maintained by price reporting agencies."

Last year, three independent publishers of information for the physical commodity markets — Argus Media, ICIS and Platts — started work to combine their existing best practice into a draft Price Reporting Code for Independent Price Reporting Organisations (the IPRO Code). The draft IPRO code remains open for comment by stakeholders until 31 October.

Argus Media welcomes the reference to the IPRO Code in the UK government's recently published Wheatley Review of Libor. "These responses may be sufficient to ensure credibility in the oil markets," the Wheatley Review says.

"Throughout our work with Iosco, our major concern as an international media organisation has been to ensure that our journalists will be able to continue to report oil markets effectively and appropriately. We remain committed to this objective, which brings transparency to the markets," Adrian Binks said.

Notes for editors:
Argus Media is an independent media organisation with more than 450 staff headquartered in London and with offices in each of the world's principal energy centres. Its media activities comprise publishing market reports and services that include price assessments and market commentary; publishing business intelligence reports that analyse market and industry trends; and publishing online services that provide news, analysis, commentary and price assessments.

Argus Media's personnel include commodity journalists specialising in reporting news and price information relating to the physical oil markets and other energy and related commodity markets. These journalists operate according to a rigorous Editorial Code of Conduct and an Ethics Policy that align with best journalistic practice, including the avoidance of conflicts of interest.

Argus Media is a leading provider of price assessments, business intelligence, market data, consultancy services and conferences on the global crude, oil products, natural gas, electricity, coal, emissions, bioenergy, fertilizer, petrochemical and transportation industries. Information provided by Argus Media is widely used by leading companies, governments and international agencies.

Argus Media has offices in London, Houston, Washington, New York, Portland, Calgary, Santiago, Bogota, Rio de Janeiro, Singapore, Beijing, Tokyo, Sydney, Dubai, Moscow, Astana, Kiev, Porto, Brussels, Johannesburg and other key centres of the energy industry. Argus Media was founded in 1970 and is a privately held UK-registered company.