The Wall Street Journal reports that British Petroleum says that Asian regulators are probing potential oil benchmark rate manipulation, in addition to earlier reports of European and US regulators.
There are similarities to the claims in the FX markets where allegations involve major banks manipulating rates set by WM Reuters. Here it is Platts that sets the benchmarks involved, and last year large oil companies and Platts were subject to unannounced inspections by EU regulators. Reports are that Japanese and Korean regulators became involved within the last three months.
BP also reported that 15 class-action lawsuits have been filed in the US alleging manipulation and antitrust violations, including a case brought by oil traders. A similar number of cases have been filed in the FX allegations.
Both the oil and FX stories continue to unfold with few hints of an early conclusion.
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