Release Date: 8 October 2012
James White +44 (0)20 7743 9367
Andrew DeSouza +1 (202) 962-7390
Commenting on the final report of the International Organisation of Securities Commissions (IOSCO) on Principles for Oil Price Reporting Agencies which was published today, Simon Lewis, chief executive at the Global Financial Markets Association (GFMA) said:
"GFMA welcomes IOSCO’s report as it represents a step towards ensuring that key oil market benchmarks are subject to robust, consistent, transparent and sound practices. However, GFMA is disappointed that IOSCO did not go further in introducing a regulatory framework directly applicable to oil price reporting agencies and market participants consistent with other product areas that play an important price discovery role.
“We encourage IOSCO to maintain an ongoing review of the effectiveness of these principles to ensure the smooth functioning and transparency of these markets.”
1. The Global Financial Markets Association (GFMA) brings together three of the world’s leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA)in New York and Washington are, respectively, the European, Asian, and North American members of GFMA. For more information, visit http://www.gfma.org .
2. The ‘Principles for Financial Benchmarks’ paper can be found at http://www.gfma.org/correspondence/item.aspx?id=350 .