LONDON, March 16, 2021 /PRNewswire/ -- Fastmarkets,
the industry-leading cross-commodity price reporting agency (PRA),
today announced that its benchmark administrator Fastmarkets
Benchmark Administration Oy (FBA) has been authorized under Article
34 of the EU Benchmarks Regulation (BMR). This BMR authorization
highlights the strength of Fastmarkets' methodologies
and pricing processes, which can withstand stringent regulatory
checks, and shows our commitment to facilitate the use of our
benchmarks in financial derivatives.
FBA Oy is incorporated in Helsinki,
Finland, and authorized by the Finanssivalvonta, the Finnish
Financial Supervisory Authority (FIN-FSA). It operates as the
independent administrator of benchmarks provided by Fastmarkets and
is subject to BMR. Fastmarkets expanded its 13 global offices to
include Helsinki with the
acquisition of RISI and FOEX in 2017.
BMR builds upon the global standards set out in the
International Organization of Securities Commissions (IOSCO)
principles for PRAs, to which Fastmarkets also adheres. It
establishes a common regulatory framework, ensuring Fastmarkets'
benchmarks across agriculture, forest products, and metals and
mining are produced in a reliable, independent, robust and
auditable manner.
Trust matters for industry participants operating in volatile
markets and making decisions that can have heavy financial
consequences. FBA's BMR authorization gives Fastmarkets' customers
greater confidence that they can make the best possible decisions
based on benchmarks that are underpinned by the strength and
integrity of their methodology and pricing processes.
"The BMR authorization is a testament to the way we work and the
value we bring to our customers every day across agriculture,
forest products, and metals and mining," Fastmarkets CEO
Raju Daswani said. "The strength and
integrity of our methodology translates to trust – trust that our
customers can trade, manage risk and plan based on benchmarks that
are reliable, impartial, representative and transparent."
Lasse Sinikallas, Managing Director of FBA Oy added, "This BMR
authorization opens the path to further cooperation with global
exchanges and the financial industry to support cash-settled
contracts and the use of Fastmarkets benchmarks in financial
derivatives in Europe."
To learn more about our benchmark administrator, FBA Oy, please
click here.
ABOUT FASTMARKETS
Fastmarkets is the industry-leading
Price Reporting Agency (PRA) for global commodities, providing
price data, news, analytics, and events for the metals and mining,
forest products, and agriculture markets. Fastmarkets' 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 130-year history built on
trust and deep market knowledge. Its team of more than 450 people
are located in 13 global offices including London, Helsinki, 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