HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Oil prices could be rigge...

Mon Jul 16, 2012, 01:12 PM

Oil prices could be rigged by traders warns G20 report

http://www.bbc.co.uk/news/business-18856018

According to the International Organization of Securities Commissions (IOSCO), the current system of oil price reporting is "susceptible to manipulation or distortion."

Benchmark prices are compiled by price reporting agencies. The biggest, Platts, says "there is absolutely no similarity" between Libor and oil.

(snip)

Traders at various banks voluntarily report the prices they pay for oil contracts to Platts, Argus or one of their competitors. The price reporting agency use a number of trades to decide what the benchmark price, quoted to the outside world, should be.

IOSCO said that "this creates opportunity for a trader to submit a partial picture, i.e. an incomplete set of its trades in order to influence the assessment to the trader's advantage."

(end snip)

The plot thickens...

6 replies, 954 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 6 replies Author Time Post
Reply Oil prices could be rigged by traders warns G20 report (Original post)
deminks Jul 2012 OP
RagAss Jul 2012 #1
IDemo Jul 2012 #2
marmar Jul 2012 #3
BumRushDaShow Jul 2012 #4
Wounded Bear Jul 2012 #5
theophilus Jul 2012 #6

Response to deminks (Original post)

Mon Jul 16, 2012, 01:13 PM

1. NO SHIT !!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to deminks (Original post)

Mon Jul 16, 2012, 02:03 PM

2. In other news,

Brilliant round object is seen in sky during daylight hours.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to deminks (Original post)

Mon Jul 16, 2012, 02:16 PM

3. I think we're an hour past 'could be'

Reply to this post

Back to top Alert abuse Link here Permalink


Response to deminks (Original post)

Mon Jul 16, 2012, 02:18 PM

4. Once they are forced to take any modicum of delivery

their gig will be up.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to deminks (Original post)

Mon Jul 16, 2012, 02:19 PM

5. Well, I guess we should be glad they're talking about it...

at long last.

Change that "could be" to "have been for many years", though. I'd say that's more accurate.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to deminks (Original post)

Mon Jul 16, 2012, 02:21 PM

6. I am shocked! Shocked I tell you!

At least it is being talked about. Maybe this is a first step in the right direction. Maybe.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread