Fastmarkets Enhances IOSCO Compliance with Assurance Review
Fastmarkets Completes a Comprehensive Assurance Review
Fastmarkets, a renowned cross-commodity price reporting agency (PRA), has successfully conducted its annual independent assurance review. This vital evaluation, carried out by the respected firm BDO, confirms that Fastmarkets aligns with the International Organization of Securities Commissions (IOSCO) Principles for Oil Price Reporting Agencies.
Significant Findings of the Review
The assurance review extensively assessed Fastmarkets' critical price assessments and indices across various sectors including metals and mining, forest products, and agricultural markets. Additionally, benchmarks managed by Fastmarkets Benchmark Administration Oy were thoroughly examined. This administration, established in 2020 and located in Finland, is responsible for upholding compliance with the EU Benchmark Regulation (BMR).
Commitment to Transparency and Integrity
Expressing pride in the outcomes, Raju Daswani, Fastmarkets' CEO, stated that the assurance review demonstrates the company's unwavering dedication to transparency, integrity, and stringent practices in price reporting. The confirmation of compliance with IOSCO PRA Principles emphasizes the robustness of Fastmarkets' methodologies and governance structures. Furthermore, with thirteen additional benchmarks receiving IOSCO Type 1 accreditation, Fastmarkets remains steadfast in delivering reliable, compliant, and high-quality pricing solutions to global commodity markets.
Understanding IOSCO Principles
The IOSCO Principles provide a globally recognized framework for benchmark governance, concentrating on crucial aspects such as transparency, consistency, and accountability. The comprehensive assurance review scrutinizes governance protocols, control systems, policies, and methodologies to ensure adherence to these established standards. This rigorous evaluation helps maintain the integrity of price reporting and strengthens market confidence.
Compliance with European Regulations
Additionally, the European Securities and Markets Authority (ESMA) has recognized that this review fulfills the audit requirements outlined in the BMR for commodity benchmarks. This acknowledgment not only reaffirms Fastmarkets' compliance but also enhances its standing in the global market.
Access to Pricing Methodologies
For those interested in further details pertaining to Fastmarkets' pricing methodologies and specifications, the independent assurance report is available for review on their platform. Fastmarkets continues to be a resource for clients seeking accurate and comprehensive pricing data and insights.
Connecting with Fastmarkets
Clients and interested parties can connect with the Fastmarkets team for more information on how the company can assist with market insights and pricing solutions. Fastmarkets aims to facilitate a deeper understanding of dynamic, and sometimes opaque, commodity markets.
About Fastmarkets
Fastmarkets stands as a leading provider of credible pricing data and information for the agriculture, forest products, metals, carbon, and energy transition commodities markets. With a history that dates back to 1865, Fastmarkets has established itself as a trusted partner, backed by over 650 employees spread across numerous global locations. This trusted firm is privately held and operates under the ownership of its shareholders and Astorg, a prominent European private equity firm.
Frequently Asked Questions
What is the purpose of the assurance review?
The assurance review verifies Fastmarkets' alignment with IOSCO principles for transparent and accountable price reporting.
Who conducted the independent assurance review?
The review was conducted by BDO, a reputable firm well-known for its auditing capabilities.
What sectors were covered in the review?
Fastmarkets' price assessments in metals and mining, forest products, and agricultural markets were evaluated during this process.
What are the IOSCO Principles?
IOSCO Principles establish guidelines for benchmark governance focused on transparency, integrity, and consistency in the reporting of prices.
How can I access Fastmarkets' pricing methodologies?
Details regarding Fastmarkets’ pricing methodologies can be accessed through their official website.
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