LONDON, July 16,
2024 /PRNewswire/ -- Fastmarkets, one of the
industry's leading cross-commodity price reporting agencies
(PRA), announced today that it has completed its annual review of
its adherence to the International Organization of Securities
Commissions (IOSCO) Principles for its key metals and
agricultural price assessments and indices.
The review was conducted by the independent global accounting
and professional services firm BDO and found that, as of
June 30, 2024, Fastmarkets'
governance framework and control activities were in line with the
Principles for Oil PRAs set out by the International Organization
of Securities Commissions (IOSCO).
The IOSCO principles create an overarching framework for
benchmarks, articulating guidance and principles ensuring
transparency and openness. The assurance review process examines a
firm's governance and controls framework, policies, and
methodologies in scope to verify their adherence to the PRA
Principles.
As stated by the European Securities and Markets Authority
(ESMA), this external assurance review is sufficient to demonstrate
compliance with the audit requirements of the EU Benchmark
Regulation (BMR) for commodity benchmarks (paragraph 18 of Annex
II).
The price assessments reviewed include some administered by
Fastmarkets Benchmark Administration Oy (FBA Oy), which was
incorporated in Finland in
December 2020 to administer all
benchmarks that are in the scope of the BMR.
This year's review covered key benchmarks in the aluminium,
alumina, cobalt, copper, lithium, manganese, iron ore, Bleachable
Fancy Tallow, Soybean, and steel scrap markets. Eight new prices
also achieved Type 1 IOSCO accreditation; these are as follows:
- Lithium carbonate 99.5% Li2CO3 min, battery grade, spot price
ddp Europe and US, $/kg
- Lithium hydroxide monohydrate LiOH.H2O, 56.5% LiOH min, battery
grade, spot price ddp Europe and
US, $/kg
- Lithium carbonate 99% Li2CO3 min, technical and industrial
grades, spot price ddp Europe and
US, $/kg
- Lithium hydroxide monohydrate LiOH.H2O, 56.5% LiOH min,
technical and industrial grades, spot price ddp Europe and US, $/kg
- Iron ore 67.5% Fe pellet feed premium, cfr Qingdao, $/tonne
- Iron ore 67.5% Fe pellet feed, cfr Qingdao, $/tonne
- Gulf tallow max 20% ffa
- Soybean Oil RBD Illinois
To obtain a copy of the independent assurance reports and to
view Fastmarkets' price methodology/specifications, click
here.
Find out how we can help you or email media@fastmarkets.com
to connect with one of our analysts.
ABOUT FASTMARKETS
Fastmarkets is an industry-leading PRA and information provider
for the agriculture, forest products, metals and energy transition
commodities' markets. Fastmarkets serves its customers with
commodity benchmark prices and assessments, forecasts, analytics,
insights, news and events. Its data is critical for customers
seeking to understand and predict dynamic, sometimes opaque
markets, enabling trading and risk management.
Fastmarkets is a global business with a history dating from 1865
and is built on trust and deep market expertise. It has more than
650 employees spread across several global locations including the
UK, US, China, Singapore, Brazil, Bulgaria, Belgium, Ukraine and Finland.
Fastmarkets is a privately held UK-registered company owned by
its shareholders and Astorg, a European private equity firm.
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SOURCE Fastmarkets