ICIS meets IOSCO’s PRA Principles for the ninth consecutive year
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 ninth 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.
“The COVID-19 pandemic has created an unprecedented level of volatility in many commodity markets. This has made it more important than ever that ICIS benchmarks are produced with the transparency of methodology and consistent credibility and impartiality required by the IOSCO’s PRA principles,” said Stephen Burns, Editorial Director at ICIS.
“Meeting these standards justifies the confidence that the markets have in the integrity and credibility of the information we provide ensuring fairness and transparency. ICIS is committed to maintaining the highest standards in the quality and independence of our market intelligence enabling customers to make thousands of decisions every week, decisions that shape our world,” Burns said.
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 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.
This external audit continues to comply 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).
A full report detailing how ICIS has met and 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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