LONDON, November 3, 2014 /PRNewswire/ --
Leading global petrochemical market intelligence provider, ICIS, has successfully completed a second 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) and is ensuring that its entire commodity benchmark price reporting meets the highest standards - not limiting only to oil markets or commodities defined by regulatory bodies.
As such, this year, ICIS has voluntarily expanded the assurance scope from European crude oil prices to cover 16 additional commodity price benchmarks completing both reasonable and limited assurance audits on some Asian polymers, US Chemicals, European Toluene, US Ferts and European Gas (NBP and TTF) markets.
The PRA principles were endorsed by the G20 in 2012. These cover governance structures, controls, integrity, and conflict management in relation to commodity benchmark price assessments.
"ICIS is 100% in favor of good global governance structure and processes for price benchmarks and has demonstrated its commitment by voluntarily applying the principles across the commodities we cover. This is one of the many reasons why we are widely trusted and we will continue to invest resources to ensure our benchmarks remain robust and continue to be relied upon daily in commodity markets trading around the globe" commented Christopher Flook, Managing Director at ICIS.
A full report detailing how ICIS has addressed the IOSCO oil PRA requirements, including its processes and policies governing assessment of the in scope benchmarks is published at https://www.icis.com/compliance/documents/icis-audit-report-2014/ This is accompanied by the findings of PricewaterhouseCoopers (PwC) who have independently reviewed this response as a basis for their Reasonable and Limited Assurance conclusions.
Another related ICIS press release on its price reporting standards:
ICIS completes 120 stakeholder methodology consultations in compliance with PRA principles
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. Some 350 of ICIS's 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.
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Marketing Director, ICIS