LONDON, Sept. 16, 2019
/PRNewswire/ -- Fastmarkets, a leading source of pricing data for
the global commodity markets, announced today that another
assurance engagement has successfully concluded, measuring its
alignment to the standards defined by the International
Organization of Securities Commission's (IOSCO) within the
Principles for Oil Price Reporting Agencies (PRAs).
PricewaterhouseCoopers LLP (PwC) has carried out an independent
external assurance review of 13 price assessments and indices to
examine Fastmarkets' responses to the IOSCO Principles.
The review process is an arduous one, examining relevant aspects
of internal processes to ensure their quality and integrity. The
Principles seek to hold PRAs accountable to providing reliable,
impartial, representative and transparent benchmarks for the market
to use in physical trading, risk management, analysis and planning
purposes.
An external assurance engagement on a PRA's implementation of
policies and activities to comply with the IOSCO Principles can
either focus on the effective implementation at a specific point in
time or on the effective implementation and operation over a
period of time. PwC has completed the latter form of engagement,
subjecting Fastmarkets to a greater level of scrutiny of
Fastmarkets' processes and controls over a 12-month
period.
"In today's global economy, it's important that our customers
understand our commitment to providing them with transparent,
auditable prices, news and forecasts," said Fastmarkets CEO
Raju Daswani. "We continue to take
careful, well-measured steps forward. Completing this assurance
engagement, which examined our responses to the Principles over a
12-month period, is a major milestone and is recognition of the
integrity of our processes and controls."
The following price assessments and indices were included in the
scope of the assurance and received a 12-month re-validation:
- Aluminium P1020A premium, in-whs dup Rotterdam; and
- Iron ore 62% Fe fines, cfr Qingdao.
The prices below were validated over a 12-month period for the
first time:
- Aluminium P1020A premium, in-whs dp Rotterdam;
- Aluminium P1020A (MJP) spot premium, cif Japan;
- Alumina index, fob Australia;
- Cobalt standard grade, in-whs Rotterdam;
- Copper grade A cathode premium, cif Shanghai;
- Iron ore 65% Fe Brazil-origin
fines, cfr Qingdao;
- Iron ore 66% Fe concentrate, cfr Qingdao;
- Lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices
cif China, Japan & Korea;
- Lithium carbonate 99.5% Li2CO3 min, battery grade, spot price
range exw domestic China;
- Lithium hydroxide monohydrate 56.5% LiOH.H2O min, battery
grade, spot price cif China,
Japan & Korea; and
- Lithium hydroxide monohydrate 56.5% LiOH.H2O min, battery
grade, spot price range exw domestic China.
To obtain a copy of the independent assurance report, please
click here.
Fastmarkets has invested significantly in resources and
technology to ensure its price-assessment process aligns with IOSCO
Principles. View details here.
To view Fastmarkets' pricing methodology/specifications, please
click here.
ABOUT FASTMARKETS
Fastmarkets is a leading price reporting, analytics and events
organization for the global commodity markets, including metals,
mining and forest products. Fastmarkets' core activity in pricing
drives transactions in commodities markets around the world and is
complemented by news, industry data, analysis, conferences and
insight services. Fastmarkets includes brands such as Fastmarkets
MB, Fastmarkets AMM (previously known as Metal Bulletin and
American Metal Market respectively), Fastmarkets RISI and
Fastmarkets FOEX. Its team of over 400 people are located in 14
global offices including London,
Boston, New York, Shanghai, Beijing, Singapore, Brussels and São Paulo. Fastmarkets is part of
Euromoney Institutional Investor PLC (LSE:ERM), a listed company on
the London Stock Exchange. Euromoney is a leading international
business-to-business information group focused primarily on the
global commodities, banking and asset management markets.
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SOURCE Fastmarkets