LONDON, October 13, 2016 /PRNewswire/ --
Leading global petrochemical market intelligence provider, ICIS, has successfully completed a fourth independent audit of its price reporting business.
ICIS is fully committed to the oil Price Reporting Agency (PRA) principles set out by the International Organization of Securities Commissions (IOSCO), to ensure that the entire commodity benchmark price reporting meets the highest standards - not only limited to oil markets or commodities defined by regulatory bodies.
As such, ICIS has voluntarily expanded the assurance scope from European crude oil prices to include a total of 48 additional commodity price benchmarks. ICIS is committed to completing both reasonable and limited assurance audits on a cross section of our global benchmarks, including Petrochemicals, Fertilizers, LNG and European Gas, as well as the NBP and TTF Day-ahead and weekend assessments.
Rob Kolkman, Managing Director and CEO ICIS China said:
"With increased global focus on price benchmarks, it's great to be able to show that ICIS recognises the importance we play, as a market leading global Price Reporting Agency, in providing transparency to the commodity markets we operate in.
The IOSCO PRA Principles are seen as the globally recognised standard for commodity benchmarks, as set by international regulators. Working with and exposing our business to independent external auditors PricewaterhouseCoopers, for the fourth year running is our way of showing ICIS' continued commitment to ensuring our benchmarks remain robust as well as being trusted and relied upon by the market."
A full report detailing how ICIS has met and satisfied the IOSCO PRA Principles, and the full areas audited by PricewaterhouseCoopers (PwC) - including ICIS' governance structures, controls, maintenance of editorial integrity, and conflict management processes in relation to the creation of commodity benchmark price assessments - can be found here.
This is accompanied by the findings by PwC, who have independently reviewed ICIS' processes and policies to provide Reasonable and Limited Assurance conclusions.
Find out more about the ICIS benchmarks at http://www.icis.com/about/benchmarks/
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ICIS is an independent price reporting agency focusing on global energy, petrochemical and fertilizer markets. 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.
It is our aim 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.
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. Some 350 of ICIS' staff are journalists engaged in reporting market prices and news, and ICIS is fully committed to upholding the highest journalistic principles of verification, corroboration and authentication. ICIS has a compliance framework that along with its methodologies and business processes adheres to the requirements of the IOSCO PRA Principles.
ICIS is a division of Reed Business Information, part of RELX Group plc.
About Reed Business Information
Reed Business Information provides information, analytics and data to business professionals worldwide. Our strong global products and services hold market-leading positions across a wide range of industry sectors including banking, petrochemicals and aviation where we help customers make key strategic decisions every day. RBI is part of RELX Group, a world-leading provider of information and analytics for professional customers across industries.
About RELX Group
RELX Group is a world‐leading provider of information and analytics for professional and business customers across industries. The group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. The total market capitalisation is approximately 28.7bn GBP / 31.8bn Euro / 35.1bn USD.