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, Fertilizers 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.