15 October 2014 – 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).
On-going 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 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.
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ICIS is the leading provider of benchmark prices for a broad range of commodities in markets around the world, thanks to our rigorous methodology and strict editorial policies. Our benchmark prices have been trusted by buyers and sellers around the globe for over 30 years.
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