HELSINKI, Sept. 1, 2016 /PRNewswire/ -- FOEX has adopted the International Organization of Securities Commissions (IOSCO) Principles for Price Reporting Agencies (PRA) for its PIX Pulp Europe Price Indices.
The PRA principles, endorsed by the G20 in 2012, cover governance structures, controls, integrity, and conflict management in relation to commodity benchmark price assessments.
Martti Airisto, Director at FOEX said "IOSCO is the gold-standard for best practices in price reporting and adopting these principles will further enhance the reliability and reputation of the PIX indices."
In October 2012, IOSCO released the PRA Principles, guidelines originally created based on an exhaustive study of oil market stakeholders to ensure the reliability of oil price assessments. The principles are relevant to all commodity price reporting with key aspects including:
- Methodology – criteria and procedures formally documented and made public.
- Market Data Used in Price Assessments – measures to ensure meaningful and reliable data.
- Data Quality – measures to ensure submitted data are accurate and comprehensive.
- Integrity of the Reporting Process.
- Quality controls and standards for who may submit data.
- Supervision of assessments and internal sign-off procedures.
- Conflicts of Interest – Comprehensive procedures to exclude all manner of conflicts of interest.
- External Auditing – Annual independent external auditing.
To learn more contact Martti Airisto at FOEX: martti@foex.fi
About FOEX Indexes Ltd (www.foex.fi)
FOEX Indexes Ltd is owned by AXIO FPI Holdings (also the owner of RISI). It is a specialised provider of audited, trade-mark registered pulp, paper, recovered paper and wood based bioenergy/biomass price indices. Through the joint ownership of AXIO FPI Holdings, RISI and FOEX work together to improve price monitoring practices across the global forest products industry. FOEX is based in Helsinki, Finland.
About RISI (www.risi.com)
RISI is the leading information provider for the global forest products industry. The company works with clients in the pulp and paper, packaging, wood products, timber, biomass, tissue and nonwovens industries to help them make better decisions.
Headquartered in Boston, MA, RISI operates additional offices throughout North and South America, Europe and Asia.
For Press Enquiries, please contact:Martti Airisto: martti@foex.fi
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