LONDON, Sept. 21, 2021 /PRNewswire/ -- Fastmarkets,
the industry-leading cross-commodity price reporting agency (PRA),
is delighted to announce the successful completion of an
independent assurance review of 34 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, covering a pricing period of up to 12
months, is comprehensive, examining all relevant documentation and
processes to ensure their quality, integrity and adherence to
stated methodologies and to the PRA principles.
''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. The completion of an external audit
of our process demonstrates our commitment to provide
reliable, impartial, representative and transparent benchmarks,''
Fastmarkets' CEO Raju Daswani
said.
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). Some of the audited prices are also subject to
BMR.
This year's review covered 34 benchmarks from our list of prices
in the aluminium, alumina, cobalt, copper, lithium, manganese, iron
ore, flat steel and steel scrap markets. It involved six new
prices, which received the Type 1 IOSCO accreditation
including:
- Aluminium pressure diecasting ingot DIN226/A380, delivered
Europe, €/tonne
- Aluminium alloy A380.1, delivered Midwest c/lb $/tonne
- Cobalt hydroxide index 30% Co min, cif China, $/Ib
- Steel cold-rolled coil, fob mill US, $/cwt
- Steel hot-dipped galvanized (base) steel coil, fob mill US,
$/cwt
- Steel cut-to-length plate carbon grade, fob mill US, $/cwt
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' metals price methodology/specifications,
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 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