London, 09 November 2022 – 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 tenth 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.
“The war in Ukraine, the energy transition and other geopolitical factors mean commodity markets remain volatile and our customers need to be able to trust our data. IOSCO’s PRA principles are an essential ingredient in our benchmarks, assuring our commitment to transparency and objectivity. In a year when our purpose has never been more needed or more challenging to deliver against, I am delighted that we have met the IOSCO standards once again,” said Stephen Burns, Editorial Director at ICIS.
The 2022 audit includes new assessments for Propylene CFR in NE and SE Asia and Ethylene FD NWE month, along with two German assessments under the EU benchmark regulation that merged to THE last year. 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 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 £44.2 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, Barcelona, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
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 30,000 people 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 £44.2bn | €50.6bn | $50.5bn.