LONDON, April 15, 2021 /PRNewswire/ -- Fastmarkets,
the global commodity price reporting agency (PRA), is delighted to
announce the successful completion of a second external assurance
review of its Helsinki-based pulp
and paper pricing unit Fastmarkets FOEX.
The prices reviewed included those published by Fastmarkets and
those administered by Fastmarkets Benchmark Administration Oy (FBA
Oy). FBA Oy was incorporated in Finland in December
2020 and received its Benchmarks Regulation (BMR)
authorization in February 2021 to
administer all benchmarks that are in scope of the BMR.
BDO carried out the independent assurance review of six of the
business' key trademarked PIX indices in pulp and recovered paper.
On March 31, 2021, BDO found that
Fastmarkets' responses were in line with the IOSCO principles for
PRAs. The review process is comprehensive, examining all relevant
processes and documentation to ensure their quality, integrity and
adherence to stated methodologies.
As per guidance by 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
BMR for commodity benchmarks (paragraph 18 of Annex II). Reviews
must take place at least annually.
''Fastmarkets is delighted to announce that the FOEX PIX indices
have successfully achieved another assurance review," Fastmarkets
CEO Raju Daswani said. "The
incorporation of FBA Oy and the completion of an external audit of
our process demonstrates our commitment and compliance with the
regulations to provide reliable, impartial, representative and
transparent benchmarks for the market we serve to use in physical
trading, risk management, analysis and planning
purposes."
This year's review covered six benchmarks, two of which were new
prices that received the Type 1 IOSCO accreditation. The following
indices were included in the scope of the assurance:
PIX Pulp Indices (Europe)*
PIX Recovered Paper Indices (Europe)
- PIX OCC 1.04 dd
- PIX ONP/OMG 1.11 dd
PIX Pulp Indices (China)
*denotes benchmark subject to BMR
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 FOEX 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 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