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Independent Assurance Review Confirms Fastmarkets Aligns with IOSCO Principles for an Additional Four Indices

Fastmarkets, a leading source of commodities data for the metals, mining and forest products markets, is excited to announce that PricewaterhouseCoopers LLP (PwC) has carried out an external assurance review of a further four benchmark assessment and index prices to confirm they are aligned with the International Organization of Securities Commission’s (IOSCO) Principles for Oil Price Reporting Agencies (PRAs).

The following indices were included in the scope of the assurance: 

  • Hot-Rolled Coil Index US domestic Midwest fob mill;
  • Manganese Ore Index 37%, cif Tianjin China; 
  • Manganese Ore Index 44%, cif Tianjin China; and 
  • Copper Concentrates TC/RC Index.

“Fastmarkets is proud to have successfully completed its third assurance review,” Fastmarkets CEO Raju Daswani said. “The external audit of our process is in line with our commitment to provide reliable, impartial, representative and transparent benchmarks for the market to use in physical trading, risk management, analysis and planning purposes.” 

PwC’s independent assurance audit included a comprehensive review of Fastmarkets’ documentation of its processes for the specified price assessments. The review was undertaken to meet IOSCO’s recommendation that PRAs engage an external auditor to review and report on Fastmarkets’ adherence to its own stated methodology criteria as well as the requirements of the IOSCO PRA principles. 

Fastmarkets has invested significantly in resources and technology to ensure its price assessment process aligns with IOSCO Principles. Learn how we do this by watching the video below:

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View Fastmarkets’ pricing methodology/specifications

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