Every consumer in a modern economy is indirectly exposed to the work of a price reporting agency (PRA) each time they fill up their car, take a flight or switch on a light, and yet the general public is completely unaware of the existence of PRAs. Firms like Platts, Argus and ICIS, which are referenced every day by commodity traders and which influence billions of dollars of trade, are totally unfamiliar to consumers.
The Price Reporters: A Guide to PRAs and Commodity Benchmarks brings the mysterious world of price reporting out of the shadows for the first time, providing a comprehensive guide to the agencies that set the world’s commodity prices. 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 presents the challenges that the PRA industry is facing now and in the future, in particular how regulation might impact on the PRAs, their relationships with commodity exchanges, and their likely direction.
This is the first-ever guide to PRAs and is destined to become the standard reference work for anyone with an interest in commodity prices and the firms that set them.
Table of Contents
Table of Contents
Chapter 1: PRAs and the commodity markets they serve
Chapter 2: The PRA business model
Chapter 3: How price benchmarks work
Chapter 4: Who are the price reporters?
Chapter 5: A brief history of energy PRAs
Chapter 6: PRAs in the metals and minerals markets
Chapter 7: PRAs in the agricultural markets
Chapter 8: Petrochemical and Plastics PRAs
Chapter 9: PRAs in Asia
Chapter 10: PRAs and environmental issues
Chapter 11: PRA pricing methodologies
Chapter 12: The Market-on-Close
Chapter 13: The PRAs and the exchanges
Chapter 14: PRAs and global regulation
Chapter 15: PRAs and European regulation
Chapter 16: Academic research into PRAs
Chapter 17: Conclusion – the future of PRAs
Chapter 18: Further reading and bibliography
Owain Johnson is Managing Director for Energy Research & Product Development at CME Group. He previously served as Managing Director of the Dubai Mercantile Exchange. He has worked for a number of pricing and media companies and has a degree from Cambridge University, UK.
"Owain Johnson has written an important book, offering the first practitioner’s guide to the world of PRAs and commodity price formation."
-Tilak K. Doshi, Managing Consultant, Muse, Stancil & Co.