LONDON, April 23,
2024 /PRNewswire/ -- Fastmarkets, the
industry-leading cross-commodity price-reporting agency (PRA),
announced today that it has completed its annual review of its
adherence to the International Organization of Securities
Commissions (IOSCO) Principles for Commodity Benchmarks of its
key forest products prices.
The review was conducted by independent global accounting and
professional services firm BDO and found that, as of March 31, 2024, Fastmarkets' governance framework
and control activities were in line with the Principles for Oil
PRAs set out by IOSCO in 2012.
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 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.
"We are pleased with the outcome of this annual external
assurance review of our governance framework, illustrating our
longstanding commitment to providing and evolving best practices in
price reporting across our business. Providing our customers with
dependable prices backed by reliable methodologies is at the heart
of what we do,'' Fastmarkets CEO Raju
Daswani said.
To obtain a copy of the independent assurance reports and to
view Fastmarkets' price methodology/specifications, click here.
ABOUT FASTMARKETS
Fastmarkets is an industry-leading PRA and information provider
for global commodities, providing price data, news, analytics and
events for the agriculture, forest products, metals and mining and
new-generation energy 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 history dating to 1865 and is built on
trust and deep market knowledge. It has more than 600 employees
spread across global locations in the UK, the US, China, Singapore, Brazil, Belgium, Finland and beyond.
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SOURCE Fastmarkets