PRAs under attack amid market manipulation investigations
Price reporting agencies (PRAs) are facing intense scrutiny from regulators, amid renewed allegations that their widely used price indexes are being manipulated by unscrupulous energy traders. Will the PRAs be forced to change their ways? Alexander Osipovich reports
The past year has not been easy for price reporting agencies (PRAs). Traditionally, PRAs – the select group of firms that publish price information about spot markets for energy commodities – have not been subject to much regulatory scrutiny. But that is now changing, as financial regulators take a closer look at their business models and methodologies. Adding to the pressure, PRAs are being shaken by renewed allegations that their indexes are being manipulated by unscrupulous traders
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