European antitrust authorities raided Platts’ offices, along with those of Statoil ASA, BP Plc (BP/) and Royal Dutch Shell Plc, in May as part of an investigation into alleged manipulation of oil prices. Regulatory probes are expanding after banks rigged the London interbank offered rate, a benchmark for $300 trillion of global interest-rate contracts.
By Isaac Arnsdorf: July 31, 2013
Increased regulation of methods used to establish commodities prices could backfire by reducing transparency as market participants may stop giving information, according to Platts, a price publisher.
“Commodity-price discovery depends on the voluntary participation of traders, producers and other market players,†the unit of McGraw Hill Financial Inc. (MHFI:US) said in an e-mailed response to questions. “Regulation could have the inadvertent consequence of inhibiting participation in the price-assessment process which would, in turn, decrease transparency, thus having the opposite effect of regulators’ intentions.â€
European antitrust authorities raided Platts’ offices, along with those of Statoil ASA, BP Plc (BP/) and Royal Dutch Shell Plc, in May as part of an investigation into alleged manipulation of oil prices. Regulatory probes are expanding after banks rigged the London interbank offered rate, a benchmark for $300 trillion of global interest-rate contracts.
Platts publishes prices for commodities from oil to metals. Two companies are no longer taking part in its assessments for metals, Joe Innace, editorial director for metals in New York, said yesterday.
The International Organization of Securities Commissions, a Madrid-based group representing regulators from more than 100 countries, set tougher guidelines July 17 for publishing benchmarks for everything from raw materials to equities. One goal is that prices should be based on “observable†deals.
Delivery Ports
For crude oil and refined fuels, Platts publishes the names of companies buying and selling, the products they are dealing, prices, delivery ports and other transaction information. Those details aren’t revealed for other commodities, Platts said.
“The degree of data transparency may differ, but rigorous verification techniques combined with the application of clear and transparent methodologies will readily yield assessments that reflect true market value,†Platts said in the statement.
Bloomberg LP, the parent of Bloomberg News, competes with companies including Platts in providing commodity prices and news.
To contact the reporter on this story: Isaac Arnsdorf in London at [email protected]
To contact the editor responsible for this story: Alaric Nightingale at [email protected]
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
