Oil-Price Assessors to Review Methods on Regulators’ Concern
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Energy price-reporting organizations including Platts said they ordered independent reviews of their methods after calls by regulators last year to safeguard against market manipulation.
Platts, the unit of McGraw Hill Financial Inc. that was raided last week as part of a European Union probe into oil pricing, said its review will start in June and be completed this year. Argus Media Ltd. and Reed Business Infomation’s ICIS said their evaluations would be completed by October. The process, which preceded and is separate from the EU inquiry, will examine whether the agencies comply with their own stated price-assessment methods, the companies said this week.