The Baltic produces its benchmarks in accordance with established and robust governance frameworks, methodologies and oversight processes, the London-based exchange, owned by Singapore’s SGX, said in a statement on Saturday.
“The Baltic is confident that it has met and continues to meet all its statutory, contractual and regulatory obligations in the production of the TD3C benchmark,” it said.
“While we await the full details of the claim, Mercuria is seeking declaratory relief from the English High Court to compel the Baltic to deviate from these processes,” it added.