But it is also protracted and painful, with pervasive effects on the  5  R. Alquist and O. Gervais, “The Role of Financial Speculation in Driving the Price of Crude Oil,” Discussion Paper No. 2011-6, Bank of Canada, 2011. See also: Report of the G-20 Study Group on Commodities, under the chairmanship of Hiroshi Nakaso, Trade Finance Experts Groups (November 2011).
6  A 2009 report by IOSCO also called for greater transparency in commodities markets, in part with a view to reducing the risk of market manipulation. See “Task Force Report on Commodity Futures Markets: Report to the G-20,” Technical Committee of the International Organization of Securities Commissions, March 2009.