E-Book, Englisch, 198 Seiten
Johnson The Price Reporters
Erscheinungsjahr 2017
ISBN: 978-1-351-76055-3
Verlag: Taylor & Francis
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)
A Guide to PRAs and Commodity Benchmarks
E-Book, Englisch, 198 Seiten
ISBN: 978-1-351-76055-3
Verlag: Taylor & Francis
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)
The Price Reporting Agencies (PRAs) are the small group of firms that set the price of most of the world’s energy products as well as of many other commodities. The PRAs are billion dollar businesses that are integral to the way the global commodities markets work but they are not as well known as their critical role deserves. The PRA industry employs a few thousand people around the world and their reports reach tens of thousands of energy traders, banks, governments and regulators every single day. A truly global industry, there are local PRAs in Japan, the US, Germany, China and Russia as well as a number of globally relevant PRAs. Every single country in the world is exposed to PRA price benchmarks via either energy, metals or agriculture. At a time of plunging commodity prices, the PRAs are still expanding and are still posting record profits. But regulators around the world are taking a close look at the PRAs, particularly since the Libor scandal, and there is significant uncertainty about their future role, particularly as the EU prepares its new Benchmark Regulation.
Every time we fill up our cars, we are unknowingly the end-user of multiple PRA benchmarks. Who are the PRAs and how did they come to play such a key role in the global commodities markets?
This book explains the importance of PRAs to the global commodities industry, highlighting why PRAs affect every consumer around the world. It introduces the individual PRAs – their history and the current state of play in the industry and also looks at the challenges that the PRA industry is facing now and in the future, in particular how regulation might impact on the PRAs.
Autoren/Hrsg.
Fachgebiete
Weitere Infos & Material
Part I. Introduction
1. Commodities Markets & Price Formation
Part II. The Birth of PRAs
2. The Public Ledger and Price Sheets.
3. The Birth of the Oil Industry.
4. The First PRA Emerges.
5. Key Figure Profile: Warren Platt
Part III. The 1970s and 1980s: New PRAs emerge and benchmarking grows
6. The Consequences of the Arab Oil Embargo.
7. The Launch of Argus.
8. New Oil Provinces Emerge.
9. The next wave of PRAs: ICIS, OPIS, LOR, RIM.
10. Key Figure Profile: Jan Nasmyth.
11. Key Figure Profile: Humphrey Hinshelwood.
Part IV. The 1990s: New markets open up
12. The End of the Cold War and the Emergence of Eastern Bloc PRAs;
13. The Rise of Asia and Asian PRA Activity.
14. The Deregulation of European Electricity. 15. Non-oil PRAs Emerge: Heren, McCloskey and Point Carbon.
15. Key Figure Profile: Patrick Heren.
16. Key Figure Profile: Gerard McCloskey.
Part V. The 2000s: Consolidation and Benchmark Change
17. Acquisition of the Power & GenFuels PRAs.
18. Platts Rolls Out the eWindow.
19. Argus Gains Market Share.
20. PRA Consolidation Increases.
21. Key Figure Profile: Jorge Montepeque.
22. Key Figure Profile: Adrian Binks.
Part VI. PRAs Today: Compliance and the Changing Landscape
23. The Impact of the Libor Scandal. 2. Changing European Regulations.
24. PRAs Enter New Sectors.
25. Further Consolidation.
26. Conclusion.
