US Federal Trade Commission 'follows EU in launching oil price probe' Platts has not been contacted by the FTC, but is ready to "fully cooperate" with regulators to ensure the oil market functions effectively, spokeswoman Kathleen Tanzy said. News that Washington has taken up the investigation might come as little surprise given growing trans-Atlantic enquiries and the sharp focus on financial benchmarks globally. The fact that the FTC, not the Justice Department, is leading the enquiry suggests any charges that result might not be criminal in nature, Bloomberg reported. Platts oil prices are widely used in the US as benchmarks for long-term contracts or derivative trades, and are generally set using a market-on-close system similar to Europe's, during which a series of bids, offers and trades in a half-hour period are used to establish prevailing prices. Other independently owned price reporting agencies (PRAs), including Argus and OPIS, are also used as benchmarks in certain markets. Platts is in the process of implementing a set of proposals put forward by an International Organisation of Securities Commissions study that laid out recommended best practices for PRAs, and will have those verified by an external auditor by October, Tanzy said.