Pointing the index finger
Concerns over manipulative energy price reporting has led to a call for price index reform. But many market participants are apprehensive about disclosing detailed confidential data to a third party. James Ockenden looks at developments
The Federal Energy Regulatory Commission (Ferc) investigation into Western market abuse reported severe problems with published gas price indexes. It found significant incentives for companies to manipulate spot market prices reported to the publishing firms; undetected errors creeping in due to a lack of statistically valid sampling procedures or a systematic formal verification procedure; and that the wash trades uncovered at the time may have had an adverse effect on reported
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