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India asks for strong regulations for petroleum Futures
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website has actually required strengthening present governing structure for asset futures as well as derivatives markets.
Talking at the International Energy Forum (IEF) here, India's Petroleum Priest Jaipal Reddy stated "We need to think about developing placement limits and relocating OTC activity on controlled exchanges."
He said price exploration of such an essential and limited resource as oil can not be left entirely unregulated, whether in the asset by-products markets or the financial markets.
Uncontrolled non-prescription (OTC) purchases as well as trading in 'paper barrels', together with unbridled supposition activity were at fault, he included.
Most establishing economic situations were faced with huge economic hardship during the unprecedented oil price rise in June 2008, when worldwide oil rates exceeded $ 145 per barrel.
The initiatives being taken in the US, UK as well as various other countries are action in the right direction, to generate regulatory oversight of the physical as well as financial markets, he included.
The priest also asked for enhanced understanding of inter-linkages in between the physical and also economic markets to resolve the concerns of oil cost volatility and cost exploration.
he included that oil rate exploration can not be left completely uncontrolled as well as underscored that unregulated over the counter purchases and trading in 'paper barrels', together with unchecked conjecture task were at fault for unprecedented oil rate surge in 2008
The priest prolonged Indian support for more campaigns by IEF and also other international organizations, for putting in place appropriate regulatory mechanisms, to stop a reoccurrence of 2008.
The Extraordinary IEF Ministerial Satisfying is the final stage of a process that started with the site Cancun Ministerial Statement approved by 66 nations at the 12th IEF Ministerial Fulfilling in March 2010.
The Cancun Ministerial statement addresses two main points, an improved IEF framework to reinforce the producer-consumer dialogue as well as means to reduce energy market volatility.
Talking at the International Energy Forum (IEF) here, India's Petroleum Priest Jaipal Reddy stated "We need to think about developing placement limits and relocating OTC activity on controlled exchanges."
He said price exploration of such an essential and limited resource as oil can not be left entirely unregulated, whether in the asset by-products markets or the financial markets.
Uncontrolled non-prescription (OTC) purchases as well as trading in 'paper barrels', together with unbridled supposition activity were at fault, he included.
Most establishing economic situations were faced with huge economic hardship during the unprecedented oil price rise in June 2008, when worldwide oil rates exceeded $ 145 per barrel.
The initiatives being taken in the US, UK as well as various other countries are action in the right direction, to generate regulatory oversight of the physical as well as financial markets, he included.
The priest also asked for enhanced understanding of inter-linkages in between the physical and also economic markets to resolve the concerns of oil cost volatility and cost exploration.
he included that oil rate exploration can not be left completely uncontrolled as well as underscored that unregulated over the counter purchases and trading in 'paper barrels', together with unchecked conjecture task were at fault for unprecedented oil rate surge in 2008
The priest prolonged Indian support for more campaigns by IEF and also other international organizations, for putting in place appropriate regulatory mechanisms, to stop a reoccurrence of 2008.
The Extraordinary IEF Ministerial Satisfying is the final stage of a process that started with the site Cancun Ministerial Statement approved by 66 nations at the 12th IEF Ministerial Fulfilling in March 2010.
The Cancun Ministerial statement addresses two main points, an improved IEF framework to reinforce the producer-consumer dialogue as well as means to reduce energy market volatility.
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