Three of the world's key price reporting agencies--responsible for setting the price of major oil and oil product benchmarks--Monday launched a draft code to provide robust monitoring and compliance within their industry.

Price reporting agencies, Platts, Argus Media Group, and ICIS said they are now seeking feedback on their draft Price Reporting Code for Independent Price Reporting Organisations, or IPRO Code.

"The code is designed to demonstrate and ensure that all signatories meet the high standards and principles of good governance required to effectively serve the markets and customers," the companies said in a joint press statement.

"It is intended that once the code is finalized, all independent price reporting organisations will be invited to become signatories and agree to adhere to the code," the statement added.

The launch of the draft IPRO code follows a 30-day consultancy in March by the International Organization of Securities Commissions on the functioning and oversight of oil PRAs.

By Sarah Kent, Dow Jones Newswires;4420-7842-9376; sarah.kent@dowjones.com