Lehman Brothers: Platts review bars Lehman from key oil trade window - Reuters (22.41 -0.44) : Reuters reports that the energy pricing agency Platts has put LEH under a temporary review that effectively excludes it under a temporary review from trading benchmark-setting oil contracts, four sources close to the matter said on Monday. The exact cause of the move was not immediately clear, although the practice of disallowing a market player from trading during Platts' price-setting window is relatively common and can be imposed for a variety of reasons, from credit issues to trade disputes to shipment technicalities. But it will be a setback for the No. 4 Wall Street bank, which has strived in recent years to build up a commodity and energy trading division to rival that of the long-standing giants GS and MS, and has seen its shares slump by nearly two-thirds on write-downs. A Lehman spokeswoman was not immediately able to comment, while Platts declined to confirm or deny the review on Lehman.
