03 December 2020, UK: IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, is pleased to announce that IHS Markit Benchmark Administration Limited (IMBA) has completed its eighth assurance review regarding commodity, energy, agriculture and renewables benchmarks administered in accordance with the IOSCO Principles for Oils Price Reporting (IOSCO Principles). IMBA is authorized and regulated by the UK Financial Conduct Authority as a benchmark administrator.
This year, IMBA brought its Fertilizers portfolio (Fertecon) benchmarks—part of the Agribusiness portfolio—under assurance review, demonstrating the company’s commitment to the IOSCO Principles and market development.
The 2020 report includes the OPIS response to the IOSCO Principles, describing the policies, processes and control activities governing the assessment of in-scope commodity benchmarks. The report includes the findings of PricewaterhouseCoopers LLP (PwC), which independently reviewed those responses.
“The eighth successful assurance review by OPIS against IOSCO principles is a clear commitment to our customers that we are at the forefront of keeping with regulatory requirements and implementing compliance frameworks to address those requirements, ensuring we provide accurate and reliable benchmarks. This indicates our consistent focus on ensuring the price discovery process is robust,” said Steve Tan, vice president of strategic content for OPIS.
“We are encouraged to hear that our exchange-listed benchmarks continue to achieve healthy volume trades this year, which compels us to strive for continuous improvement in our quality assurance programs as a commitment to our stakeholders.”
IOSCO finalized its Principles for Oil Reporting Agencies in October 2012, which govern the quality, integrity and customer response policies of oil commodity spot market coverage. The IOSCO Principles for Oil Price Reporting Agencies are available here: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD391.pdf
