ICIS welcomes CRE's move to introduce transparency to the Mexican natural gas market by obliging companies in possession of a commercialization license to report the price of their transactions to the regulator on a daily basis. However, ICIS would like to comment on the extent of the information companies with a commercialization license are required to submit. ICIS believes that the requirement placed upon companies with a commercialization license to report the costs of storage, distribution, transport as well as profit margin could place too onerous a workload on the market participant. Many companies may be sensitive to the requirement to publish their margin to a regulator, and if the main purpose of the regulation is to promote transparency and encourage participation, this requirement may therefore be counterproductive. ICIS would instead suggest that beyond the cost of the transaction, the information which a company with a commercialization license reports to CRE is left to the participant's own discretion. This is based on the belief that the lower and the less sensitive the reporting requirement placed upon a market participant, the more likely the information is to be accurate and reliable. ICIS also suggests that along with the regional daily average prices published by CRE, the number of counterparties reporting to the CRE on a daily basis could also be published. As well as improving transparency, this would breed confidence as market participation grows. James Fowler +1 713-525-2622 Ben Wetherall +44 20-7911-1786