PRAs push back against potential EU rules on benchmarks

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EC seeing red on benchmark indexes

Energy price reporting agencies (PRAs) have expressed vigorous opposition to suggestions they should be more closely regulated as part of European Commission (EC) plans to strengthen the oversight of benchmark indexes.

The EC launched a consultation on the issue in September, following the outbreak of claims that major banks sought to manipulate Libor lending rates and a $450 million penalty levied on Barclays by UK and US regulators in June. The recent allegations had “highlighted both the impo