LONDON, Sept. 17, 2020
/PRNewswire/ -- Fastmarkets, a leading source of price data
for global commodity markets, is delighted to announce the
successful completion of an independent assurance review of 28 key
metals benchmarks.
The external review carried out by professional services firm
BDO confirmed that Fastmarkets' governance and controls framework,
policies and editorial practices align with the standards defined
by the International Organization of Securities Commission (IOSCO)
within the Principles for Oil Price Reporting Agencies
(PRAs).
The review process is comprehensive, examining all relevant
documentation and processes to ensure their quality, integrity and
adherence to stated methodologies. This year the review process was
conducted fully remotely due to coronavirus-related restrictions,
with testing and checks done over three months and covering a
pricing period of up to 12 months.
"We have invested extensive resources to ensure our alignment
with the IOSCO Principles for PRAs and added 11 prices to the scope
of this year's review despite a challenging macro-economic
environment," Fastmarkets CEO Raju
Daswani said. "We remain committed to grow our pool of
audited prices and give our users the highest possible level of
confidence in the reliability of our benchmarks."
As per guidance by the European Securities and Markets Authority
(ESMA), annual assurance reviews by an independent external auditor
are sufficient to demonstrate compliance with the requirements of
the Benchmarks Regulation (BMR) for commodity benchmarks (paragraph
18 of Annex II).
This year's review covered 28 benchmarks from our list of prices
in the aluminium, alumina, cobalt, copper, lithium, manganese, iron
ore, flat steel and steel scrap markets. It involved 11 new prices
that received the Type 1 IOSCO accreditation, including:
- Aluminium P1020A premium, US Midwest delivered
- Alumina index adjustment to fob Australia index, Brazil
- Cobalt alloy grade, in-whs Rotterdam
- Cobalt hydroxide payable indicator, cif China
- Manganese ore index 37% Mn, fob Port Elizabeth
- Iron ore 62% Fe low-alumina fines, cfr Qingdao
- Northern Europe HRC Index
- Steel scrap No1 busheling, index, delivered Midwest mill
- Steel scrap shredded, index, delivered Midwest mill
- Steel scrap No1 heavy melt, index, delivered Midwest mill
- Steel scrap HMS 1&2 (80:20 mix) US material import, cfr
main port Taiwan
"We are excited to expand the number of prices successfully
audited to be in line with IOSCO's stringent principles," said
Alex Harrison, Fastmarkets'
editorial director, metals & mining. "This shows our
commitment to excellence in price methodology across markets and
notably in the battery raw materials markets, which are of
strategic interest across the globe and likely to see a level of
dynamism that will place a premium on trusted methodologies."
To see the full list of prices and 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 Metals & Mining price
methodology/specifications, please click here.
For further inquiries, please contact Katharine Kellar
at katharine.kellar@fastmarkets.com.
ABOUT FASTMARKETS
Fastmarkets is a leading price reporting, analytics and events
organization for the global commodity markets, including metals,
mining, forest products and agriculture. 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,
Fastmarkets FOEX and Fastmarkets AgriCensus. Its team of over 400
people are located in 17 global offices including London, Boston, New
York, Shanghai,
Beijing, Singapore, Brussels, São Paulo and Helsinki. 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