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US/UK: Platts, Metal Bulletin say traders won’t talk prices as rate-setting scrutinized

By  |  July 31, 2013

Two publishers of commodity prices have said some traders have stopped reporting metal pricing information but claim that their lack of involvement did not skew the process of compiling prices. Platts, based in the US, and Metal Bulletin, based in the UK, are both under close watch by regulators regarding price-setting, especially following findings that various banks rigged the LIBOR rates. Platts’ offices were searched last May in part of an EU investigation into the price-setting of oil. Now, Platts and Metal Bulletin say that since the LIBOR scandal broke, “a very few companies” have stopped associating with the companies in their price-discovery processes. Further, Metal Bulletin confirmed that some have stopped contributing to their benchmark publications altogether.

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