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Fastmarkets continues to expand IOSCO coverage having completed another independent review of 13 price assessments and indices
We are pleased to announce that another assurance engagement has successfully concluded, measuring our 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 our responses to the IOSCO Principles.
The following price assessments and indices were included in the scope of the assurance and received a 12-month re-validation:
The prices below were validated over a 12-month period for the first time:
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 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.”
We have 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:
View Fastmarkets’ pricing methodology/specifications
For further enquiries, please contact: hello@fastmarkets.com