ABSTRACT
So far only the European Union has shown any interest in regulating the price reporting agencies (PRAs). An array of legislation has redrawn the landscape in Europe for PRAs and for their customers in the commodity markets. European Union officials felt that the IOSCO Principles did not go far enough and their primary aim was to take the work on price reporting carried out by IOSCO and to formalize it within a legal and regulatory framework. Shortly after the implementation of MAR 8, the European Commission carried out unannounced visits to various oil companies and Platts in May 2013 as part of an investigation into concerns that firms may have reporting false prices or deliberately prevented others from participating in the price assessment process. REMIT was designed to crack down on potential market abuse in the European gas and power markets.
