LONDON – 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 eighth successive 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.
“I am delighted that ICIS has successfully completed the IOSCO Commodity PRA assurance review again, despite the extraordinary volatility in global markets this year. Meeting the IOSCO standards justifies the confidence that our customers and the markets have in the integrity and credibility of the information we provide,” said Stephen Burns, Editorial Director at ICIS.
The IOSCO principles support the ICIS purpose to connect data and customers to make some of the world’s most important markets more trusted and predictable. The eighth successful audit follows the recent news that ICIS was granted authorisation by the Netherlands Authority for Financial Markets (AFM) in accordance with the European Benchmarks Regulation (BMR).
This external audit also aligns 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). For more information regarding ICIS Benchmarks authorised by AFM, please see here.
The areas assured by BDO LLP include governance structures, controls, maintenance of Editorial integrity, and conflict management processes in relation to the creation of commodity benchmark price assessments.
A full report detailing how ICIS satisfied the IOSCO PRA Principles can be found here.
This report is accompanied by BDO’s findings following an independent review of ICIS processes and policies to provide Reasonable and Limited Assurance conclusions.
ICIS is a trusted source of global commodity intelligence for the energy, chemical and fertilizer industry. We are a division of RELX, a FTSE 15 company with a market cap of £39.3 billion and an employee base of over 30,000 experts across 40 countries.
At ICIS, we help businesses make strategic decisions, mitigate risk, improve productivity, and capitalise on new opportunities. We make some of the world’s most important markets more trusted and predictable by providing data services, thought leadership and decision tools. As a result of our unmatched global presence, we can deliver targeted connected intelligence to influence thousands of decisions across supply chains every single day. We shape the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo, and Perth.
RELX Group is a global provider of information-based analytics and decision tools for professional and business customers. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs over 30,000 people, of whom almost half are in North America. The shares of RELX PLC, the parent company, are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX. The market capitalisation is approximately £39.3bn, €45.7bn, $54bn.
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