ICIS, a global source of commodity intelligence, today announced that the independent assurance review of its price reporting business has been successfully completed for the ninth successive year.
The Price Reporting Agency (PRA) principles are set out by the International Organization of Securities Commissions (IOSCO) to ensure that commodity benchmark price reporting meets the highest standards.
“The COVID-19 pandemic has created an unprecedented level of volatility in many commodity markets. This has made it more important than ever that ICIS benchmarks are produced with the transparency of methodology and consistent credibility and impartiality required by the IOSCO’s PRA principles,” said Stephen Burns, Editorial Director at ICIS.
“Meeting these standards justifies the confidence that the markets have in the integrity and credibility of the information we provide ensuring fairness and transparency. ICIS is committed to maintaining the highest standards in the quality and independence of our market intelligence enabling customers to make thousands of decisions every week, decisions that shape our world,” Burns said.
The IOSCO principles support the ICIS purpose: to connect data and customers to make some of the world’s most important markets more trusted and predictable.
The areas assured by BDO LLP include governance structures, controls, maintenance of Editorial integrity, and conflict management processes in relation to the creation of commodity benchmark price assessments.
This external audit continues to comply with the requirements of the Benchmarks Regulation (BMR) for commodity benchmarks (paragraph 18 of Annex II) as outlined by European Securities and Markets Authority (ESMA).
A full report detailing how ICIS has met and satisfied the IOSCO PRA Principles can be found here.
This report is accompanied by BDO’s findings following an independent review of ICIS processes and policies to provide Reasonable and Limited Assurance conclusions.