SINGAPORE, October 15, 2014 /PRNewswire/ --
ICIS, the world's largest petrochemicals intelligence provider, has completed 120 formal methodology consultations since launch in February 2013 in accordance with the Price Reporting Agency (PRA) Principles, re-affirming its commitment to stakeholders in delivering trusted price assessments to its customers.
Over 120 industry participants have participated in this process, which resulted in 18 enhancements to the methodologies. The methodology consultations have covered ICIS price reporting on key benchmarks such as crude oil, spot gas, polyolefins, olefins, aromatics, and base oils.
In order to ensure ICIS methodologies are fit-for-purpose, they are continually reviewed in accordance with stakeholder and market needs. The formal consultation is carried out on a rolling basis with expiry dates set for all methodology documents.
"This ensures our methodologies evolve in line with the market," said Steve Tan, ICIS Editorial Director, Asia. "We hope more industry participants will continue to channel their suggestions and feedback through this process and I am confident they will find it a useful outlet to engage with our teams."
"The methodology consultation process has given us the opportunity to engage with the markets on a regular basis on the methodologies we use to make our key benchmark assessments. It is absolutely essential to get that feedback from our subscribers to help define the specific details of the assessment process for each market," said Barbara Ortner, Head of Market Reporting.
This process ensures that ICIS remains in full compliance with its obligations under the PRA Principles set by the International Organization of Securities Commissions (IOSCO).
Ongoing editorial surveys on quality and methodology will continue to complement this formal consultation process. ICIS consults market participants on specific changes to methodologies to address changes identified by ICIS in market structure, market behaviour, or in reaction to feedback from customers or key changes in market dynamics. This again reinforces ICIS' commitment to deliver market transparency and reflect market reality.
All completed, ongoing and scheduled ICIS methodology consultation processes are published at http://www.icis.com/compliance/. If you wish to provide feedback or participate in this process, please contact Barbara Ortner, ICIS Head of Market Reporting at email@example.com.
ICIS is the world's largest petrochemical market information provider and has fast-growing energy and fertilizer divisions. Our aim is to give companies in global commodities markets a competitive advantage by delivering trusted pricing data, high-value news, analysis and independent consulting, enabling our customers to make better-informed trading and planning decisions. We have more than 30 years' experience in providing pricing information, news, analysis and consulting to buyers, sellers and analysts.
With a global staff of more than 800, ICIS has employees based in Houston, Washington, New York, London, Montpellier, Dusseldorf, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Yantai, Tokyo and Perth.
ICIS is a division of Reed Business Information, part of Reed Elsevier Plc.
About Reed Business Information
Reed Business Information brings market leading brands to an audience of millions of decision makers worldwide through its multi-platform media of data services, online lead generation services, community websites, magazines and events. Reed Business Information is part of Reed Elsevier, a world leading provider of professional information solutions in the Science, Medical, Legal and Risk and Business sectors.
For further information about this release, please contact:
Direct line: +65-6780-4352