LONDON, June 18, 2021 /PRNewswire/ -- Fastmarkets,
the industry-leading cross-commodity price reporting agency (PRA),
is delighted to announce the successful completion of an
external assurance review of its NBSK CIF China assessment. This
milestone confirms its alignment to the standards defined
by the International Organization of Securities Commission (IOSCO)
within the Principles for Oil Price Reporting
Agencies.
Professional services firm BDO carried out the independent
assurance review. The firm found that, as of May 31, 2021, Fastmarkets' responses were in line
with the IOSCO principles for PRAs. The review process is
comprehensive, examining all relevant documentation and processes
to ensure their quality, integrity and adherence to stated
methodology.
"Fastmarkets is delighted to add the NBSK CIF
China assessment to the list of our prices that have
successfully completed an assurance review," said Fastmarkets
CEO Raju Daswani. "We remain
committed to growing our list of audited prices and providing our
users the highest possible level of confidence in the reliability
of our benchmarks."
As per guidance from the European Securities and Markets
Authority (ESMA), this assurance review by an independent external
auditor is sufficient to demonstrate compliance with
the requirements of the Benchmarks Regulation (BMR) for
commodity benchmarks (paragraph 18 of Annex II). Reviews must take
place at least annually.
"Providing our customers with dependable prices backed by
reliable methodologies is at the heart of what we do," said
Fastmarkets senior vice president Matt
Graves. "With this new audit, I'm happy to confirm that all
of Fastmarkets Forest Products' exchange-traded prices have now
successfully undergone IOSCO assurance audits, including the two
new China pulp contracts for
hardwood and softwood pulp futures launched earlier this month by
NOREXECO."
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 Forest Products price
methodology/specifications, please click here.
For further inquiries, please contact Katharine Kellar
at katharine.kellar@fastmarkets.com.
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, 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