| The European Commission looks set to row back on a number of controversial proposals to regulate commodities benchmarks, contained within its wider benchmark reform, after an industry backlash arguing the new rules would make the market more opaque. The final text on benchmarks, which is due to be published on September 18, is no longer expected to contain an earlier proposal to hold contributors liable for their submissions to commodities benchmarks, according to two sources close to the talks.
Trading in commodities is largely over the counter and relies on submissions from traders to price-reporting agencies, such as Platts. Market participants have argued that if contributors could potentially be penalized for the submissions they make, fewer would do so, reducing transparency..............................................Full Article: Source
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