July 30 (Bloomberg) -- Platts and Metal Bulletin Ltd., which publish commodity-price reports, said some traders stopped giving information on metals as regulators scrutinize methods for setting rates and prices.
Platts, a unit of McGraw Hill Financial Inc., is aware of two companies that no longer take part in its assessments, according to Joe Innace, editorial director for metals in New York. That had no effect on the process of compiling prices, he said today in response to Bloomberg questions.
European Union antitrust officials raided Platts’ offices in May, along with those of Royal Dutch Shell Plc, BP Plc and Statoil ASA, as part of an investigation into alleged plotting to manipulate published prices for products including oil. Regulators are looking at commodity-price reporting after finding that banks rigged the London interbank offered rate, a benchmark for $300 trillion of global interest-rate contracts.
“Clearly there has been a review of practices as a result of the issues related to the oil markets and Libor,” Raju Daswani, managing director at Metal Bulletin, said by e-mail yesterday. “Since the Libor incident, a very few companies -- and it is a small minority -- have scaled back their participation in our price-discovery process, and in very isolated cases established official policies of not contributing to some of our published benchmarks.”
U.K. and U.S. regulators have imposed fines of more than $2.5 billion on Barclays Plc, UBS AG and Royal Bank of Scotland Group Plc for manipulating Libor.
Platts and London-based Metal Bulletin publish information on commodity prices and metal premiums based on surveys of traders. Their reports complement benchmarks from exchanges and are used by buyers and sellers of raw materials.
Metal Bulletin is a unit of Euromoney Institutional Investor Plc. Daily Mail & General Trust Plc holds a majority stake in Euromoney, figures compiled by Bloomberg show.
Bloomberg LP, the parent of Bloomberg News, competes with companies including Platts and Metal Bullletin in providing commodity prices and news.
To contact the reporter on this story: Agnieszka Troszkiewicz in London at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Carpenter at email@example.com