THE LAW, POLITICS, AND ECONOMICS OF commodity price benchmarks
Commodity price benchmarks discovered by price reporting agencies (PRAs) are a much overlooked yet vital part of the global economy. Every day trillions of dollars of economic transactions are valued on them. When they run smoothly, they facilitate capital formation, exchange and risk management and enable economic growth and prosperity. When they are corrupted or tampered with, they impose enormous costs upon society. This raises urgent market governance issues that this project seeks to address. How do commodity price benchmarks originate and evolve over time? What is the impact of commodity price formation and discovery issues on market participants and the wider economy?
