ABSTRACT
The price reporting agencies (PRAs) are an integral part of the modern commodity business and therefore of the global economy. PRAs have traditionally considered themselves to be media firms or publishers rather than providers of financial data. With time, other more ambitious PRAs expanded their coverage outside their original specialism into other commodity markets or into other regions of the world. Commodity prices are largely determined by supply and demand. In order to assess prices fairly and not to favour either buyers or sellers, the PRA needs a robust methodology and good engagement with a range of market sources. The PRA has to strike a balance between ensuring its prices are accessible to as wide an audience of subscribers as possible, while also ensuring that its intellectual property is respected. The profile of the PRAs has also been raised by a run of major corporate transactions that have attracted media attention for their high valuations.
