Fastmarkets, the industry-leading cross-commodity price reporting agency (PRA), is delighted to announce the successful completion of an external assurance review of its NBSK CIF China assessment. This milestone confirms its alignment to the standards defined by the International Organization of Securities Commission (IOSCO) within the Principles for Oil Price Reporting Agencies.
Professional services firm BDO carried out the independent assurance review. The firm found that, as of May 31, 2021, Fastmarkets’ responses were in line with the IOSCO principles for PRAs. The review process is comprehensive, examining all relevant documentation and processes to ensure their quality, integrity and adherence to stated methodology.
“Fastmarkets is delighted to add the NBSK CIF China assessment to the list of our prices that have successfully completed an assurance review,” said Fastmarkets CEO Raju Daswani. “We remain committed to growing our list of audited prices and providing our users the highest possible level of confidence in the reliability of our benchmarks.”
As per guidance from the European Securities and Markets Authority (ESMA), this assurance review by an independent external auditor is sufficient to demonstrate compliance with the requirements of the Benchmarks Regulation (BMR) for commodity benchmarks (paragraph 18 of Annex II). Reviews must take place at least annually.
“Providing our customers with dependable prices backed by reliable methodologies is at the heart of what we do,” said Fastmarkets senior vice president Matt Graves. “With this new audit, I’m happy to confirm that all of Fastmarkets Forest Products’ exchange-traded prices have now successfully undergone IOSCO assurance audits, including the two new China pulp contracts for hardwood and softwood pulp futures launched earlier this month by NOREXECO.”
To obtain a copy of the independent assurance report, please click here.
Fastmarkets has invested significantly in resources and technology to ensure its price-assessment process aligns with IOSCO principles. View details here.
To view Fastmarkets Forest Products price methodology/specifications, please click here.