ICIS, a leading source of petrochemicals market intelligence, has reinforced its commitment to providing universally-trusted pricing information by completing the first ever three-year cycle of methodology consultations with market participants.
The consultation programme began in February 2013, in line with the oil Price Reporting Agency (PRA) principles set out by regulatory body, the International Organization of Securities Commissions (IOSCO).
Now, every petrochemical and fertilizer pricing report in the ICIS portfolio has been through the consultation process.
In October 2014, ICIS announced the completion of formal methodology consultations on 120 reports. ICIS has since conducted 95 consultations, covering an additional 285 reports, bringing the total to 405 reports.
Feedback from more than 50 industry participants has been gathered in 2015 so far. Their input supports the ability of ICIS to provide robust, accurate and relevant price reporting using methodologies that take into account views from all sides of the market.
The latest consultations covered ICIS price reports in markets such as naphtha, fatty acids, methyl tertiary butyl ether (MTBE), styrene butadiene rubber (SBR) and polycarbonate.
ICIS encourages its subscribers to provide suggestions and feedback to facilitate enhancements to the methodologies and ensure that these evolve in line with true market needs. Consultations are conducted on an ongoing basis, to give stakeholders confidence that ICIS methodology and procedures are up–to-date.
“Our key benchmark assessments rely on the feedback of industry participants, to ensure that ICIS methodologies are fit for purpose. The consultation process enables us to interact with market players and fine-tune the details of the assessment process for each market,” said Barbara Ortner, Head of Market Reporting at ICIS.
Formal consultations, along with surveys on methodology and the quality of reporting, ensure that ICIS is fully compliant with PRA principles as outlined by the IOSCO. ICIS also completes an annual audit of its price reporting business, which this year covered 42 key global commodity assessments.
As market structures, dynamics and needs evolve, ICIS consults industry participants on specific changes to methodologies. This ensures that reports continue to facilitate transparency and that assessments reflect the true market situation.
All completed, ongoing and scheduled ICIS methodology consultation processes are published here.
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ICIS is the world's largest petrochemical market information provider and has fast-growing energy and fertilizer divisions. Our aim is to give companies in global commodities markets a competitive advantage by delivering trusted pricing data, high-value news, analysis and independent consulting, enabling our customers to make better-informed trading and planning decisions. We have more than 30 years' experience in providing pricing information, news, analysis and consulting to buyers, sellers and analysts.
With a global staff of more than 800, ICIS has employees based in Houston, Washington, New York, London, Montpellier, Dusseldorf, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Yantai, Tokyo and Perth. Some 350 of ICIS’s staff are journalists engaged in reporting market prices and news, and ICIS is fully committed to upholding the highest journalistic principles of verification, corroboration and authentication. ICIS has a compliance framework that along with its methodologies and business processes adheres to the requirements of the IOSCO PRA Principles.
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Reed Business Information provides information and online data services to business professionals worldwide. Customers have access to our high-value industry data, analytics, information and tools. Our strong global products and services hold market-leading positions across a wide range of industry sectors including banking, petrochemicals and aviation where we help customers make key strategic decisions every day. RBI is part of RELX Group plc, a world-leading provider of information solutions for professional customers across industries.
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ICIS is the leading provider of benchmark prices for a broad range of commodities in markets around the world, thanks to our rigorous methodology and strict editorial policies. Our benchmark prices have been trusted by buyers and sellers around the globe for over 30 years
Markets we cover:
Independent and reliable pricing and market intelligence for the global chemical and oil markets.
Price assessments, indices, news and analysis for the oil, gas, liquefied natural gas, carbon and coal sectors.
Key price assessments for all fertilizer products, including nitrogen, sulphur, ammonia, urea and phosphates.