Leading fuel and energy commodity price reporting agency completes IOSCO assurance review for the seventh consecutive year as well as completes successful BMR assurance review
News Media Contact:
+1 202 463 8213
+1 303 858 6417
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
BMR includes a regime specifically for commodity benchmarks, in Annex II. Details of BMR can be found here: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R1011&from=EN
The IMBA page, including details of the IHS Markit Benchmark Administration Complaints Handling Policy, can be found here: https://ihsmarkit.com/products/benchmark-administration-uk.html
The full OPIS report including the annual independent assurance review is here: https://notices.opisnet.com/IOSCO
About OPIS (www.opisnet.com)
Oil Price Information Service (OPIS) by IHS Markit (NYSE: INFO) provides accurate pricing, real-time news and expert analysis across the global fuel supply chain, including the Spot, Wholesale Rack and Retail markets. OPIS and OPIS PetroChem Wire enable customers to buy and sell oil and gas products with confidence via easy access to transparent data, expert-level customer support, educational events and energy data solutions with Axxis Software and OPIS RetailSuite.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2020 IHS Markit Ltd. All rights reserved.