LONDON, July 21, 2021 /PRNewswire/ -- Fastmarkets, the
industry-leading cross-commodity price reporting agency (PRA), is
excited to announce the successful completion of its first external
assurance review of its agriculture division.
Independent professional services firm BDO LLP (BDO) carried out
the external limited assurance review, which focused on
Fastmarkets' Wheat FOB Germany 12.5% price.
BDO confirmed that, as of June 30,
2021, Fastmarkets strong governance structure and operating
processes were aligned with the International Organization of
Securities Commissions (IOSCO) PRA Principles in respect of
the in-scope price assessment.
The assurance review examined all relevant compliance policies,
process and control activities to ensure they adhere to the PRA
principles and stated methodology.
"Fastmarkets is delighted to add the Wheat
Germany premium assessment to the list of prices that have
successfully completed an assurance review," said Fastmarkets
CEO Raju Daswani. "As part of our
commitment to integrity and transparency, we endorse methodologies
that safeguard independent and expert pricing to provide our
users with the highest possible level of confidence in the
reliability of our benchmarks."
As per guidance from the European Securities and Markets
Authority (ESMA), this external assurance review is sufficient to
demonstrate compliance with the requirements of the EU
Benchmarks Regulation (BMR) for commodity benchmarks (paragraph 18
of Annex II). Reviews must take place at least annually.
To 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 agriculture price methodology/specifications,
please click here.
Fastmarkets expanded its pricing and information services to the
agriculture markets with the acquisition of AgriCensus in
March 2020 and further bolstered its
portfolio with the acquisition of The Jacobsen in February 2021, focusing on the bulk grains and
oilseeds, vegetable oils and meals, animal fats and proteins, hemp,
hides and biofuels markets. Fastmarkets provides over 1,000
proprietary prices in the agriculture market, as well as the latest
news, market trends and forecasting.
The latest report from Fastmarkets' agriculture team, In the eye
of the storm, focuses on how the oilseeds market emerged as the
global driver of agriculture markets and its role in wider food
price inflation.
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 history exceeding 130 years
built on trust and deep market knowledge. Its team of more than 430
people are located in global offices including London, Kyiv,
Helsinki, Boston, New
York, Shanghai,
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
