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The allegations against several oil companies and price reporting agencies like Platts have raised concerns about the credibility of the global oil benchmarking architecture. While there is a need for corrections to the existing structure, the time is right for BRICS to develop alternate options
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The foreign exchange market is considered the most liquid and transparent in the world. However, recent investigations into alleged manipulation of the foreign exchange rates is a reminder that transparent exchange-based systems alone are not enough to ensure fairness
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Global institutions responsible for price discovery and speculation in commodities are suspected of fuelling price hikes. With the world experiencing turmoil in the food and energy markets, fixing the global pricing architecture for commodities should be the priority for the G20