Exchanges and Benchmarks

“Brent or WTI, London or New York, Shanghai or Singapore — which price should I follow?”

• Three ways prices are made: exchange trading, auctions and assessments
• The main commodity exchanges in the United States, Europe and Asia
• Crude oil benchmarks: Brent, WTI and the Middle East grades that price Asian oil
• Gold, silver and base metal reference prices in London, New York and Shanghai
• Price reporting agencies and assessed prices for physical markets
• How benchmarks are governed, and what happens when they fail
• The Mercantile Exchange of Vietnam (MXV)
• Choosing the right benchmark to limit basis risk