Platts, an energy news and price publisher, said its reporting practices and governance policies comply with guidelines set out by international regulators.
The company’s procedures align with principles set out by the Madrid-based International Organization of Securities Commissions, a group of national market regulators from more than 100 countries, Platts said in an e-mailed statement today. The conclusion follows an independent review by Ernst & Young that examined Platts’s price assessment processes, including those for oil, at its offices in London, Houston and Singapore.
“The results of the review confirm that Platts sets – and meets – high standards for price reporting,” Larry Neal, president of Platts, said in the statement. “Clearly defined and transparent methodologies are the heart of Platts’ assessment processes.” Platts is a unit of McGraw Hill Financial Inc.
European Union antitrust authorities raided the offices of companies including Platts, BP Plc, Royal Dutch Shell Plc and Statoil ASA in May amid allegations of collusion and price manipulation in crude, refined products and biofuels markets.
Bloomberg LP, the parent of Bloomberg News, competes with Platts and other companies in providing energy markets news and information.