The International Organization of Securities Commissions has released its long-awaited consultation paper with the oil industry over the way crude prices are reported, as the G20 looks to curb commodity speculation and regulate how the price of oil is determined.

The consultation will target how the currently unregulated price reporting agencies, or PRAs, report their prices. The paper focuses on the methodologies used by the agencies, the way trades are reported to them, the accountability of PRAs, plus other issues including complaints handling, conflicts of interests and stakeholder representation.