London, 23 October 2023 – ICIS, a global source of commodity intelligence, today announced that the independent assurance review of its price reporting business has been successfully completed for the 11th consecutive year.
The Price Reporting Agency (PRA) principles are set out by the International Organization of Securities Commissions (IOSCO) to ensure that commodity benchmark price reporting meets the highest standards.
“This year so far has been a story of falling prices and a tight squeeze on producer margins in many commodity markets. Adding to the stresses on many industries has been the growing need to meet carbon targets and the sustainability agenda in general,” said Stephen Burns, Editorial Director at ICIS. “The resulting pressure to control costs makes it even more important that decisions around resources are being based on reliable data generated under the auspices of the IOSCO standards.”
The 2023 audit includes new assessments for Isomer Grade Xylenes FOB South Korea, Propylene FD NWE, Benzene CIF NWE and Methanol Ex-tank Taicang (formerly Jiangsu). A full report detailing how ICIS has met the IOSCO PRA Principles can be found here.
This external audit, carried out by BDO LLP, complies with the requirements of the Benchmarks Regulation (BMR) for commodity benchmarks (paragraph 18 of Annex II) as outlined by European Securities and Markets Authority (ESMA). The areas assured include governance structures, controls, maintenance of Editorial integrity, and conflict management processes in relation to the creation of commodity benchmark price assessments.
This report is accompanied by BDO’s findings following an independent review of ICIS processes and policies to provide Reasonable and Limited Assurance conclusions.
“The audit supports the confidence our customers have in the vital, trusted ICIS data they need more than ever to manage risk,” Burns said.
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £54bn and an employee base of over 35,000 across 40 countries.
RELX is a global 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 of whom almost 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. Total market capitalisation is approximately £54bn | €62bn | $66bn.