PRAs need to act fast amid manipulation fears
With regulators working hard to combat manipulation in wholesale financial and energy markets, price reporting agencies (PRAs) are in the firing line. On May 14, the European Commission (EC) launched a series of co-ordinated raids on European energy trading firms as part of an investigation of alleged manipulation in markets for crude oil, refined products and biofuels. Although the PRA is not a target of the probe, the investigation centres on prices reported by New York-based Platts, whose
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