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S&P Global Inc SPGI

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S&P Platts-Related Probe Worth Keeping an Eye on but We’re Not Overly Concerned

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

On Oct. 4, Reuters reported that the U.S. Department of Justice is investigating potential manipulation for oil and other energy benchmarks published by the Platts division of wide moat rated S&P Global. S&P Platts benchmarks are used for commodity transactions both in physical markets and financial markets. The sources of the Reuters article indicate that the probe is focused on the traders who use Platts rather than on Platts itself. Platts uses a markets on close, or MOC, methodology in which the traders’ inputs are used to determine the published price assessment.

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Company Profile

Business Description

S&P Global provides data and benchmarks to capital and commodity market participants. S&P Ratings, which constitutes over 40% of the firm's revenue and over 50% of the firm's operating income, is the largest credit rating agency in the world. The firm's other segments include Market Intelligence, Indices, and Platts. Market Intelligence provides desktop tools and other data solutions to investment banks, corporations, and other entities. Indices provides benchmarks for financial markets and is monetized through subscriptions, asset-based fees, and transaction-based royalties. Platts provides benchmarks to commodity markets, principally petroleum.

55 Water Street
New York, NY, 10041
T +1 212 438-1000
Sector Financial Services
Industry Financial Data & Stock Exchanges
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 23,000