Leading global petrochemical market intelligence provider, ICIS, has successfully completed a third independent audit of its price reporting business.
ICIS is fully committed to the oil Price Reporting Agency (PRA) principles set out by the International Organization of Securities Commissions (IOSCO) and is ensuring that its entire commodity benchmark price reporting meets the highest standards – not limited only to oil markets or commodities defined by regulatory bodies.
As such, this year, ICIS has voluntarily expanded the assurance scope from European crude oil prices to cover a total of 42 commodity price benchmarks. Reasonable and limited assurance audits have been completed on a cross section of our global benchmarks including, Petrochemicals, Fertilisers, LNG and European Gas, including the NBP and TTF Day ahead and weekend assessments.
The PRA principles were endorsed by the G20 in 2012. These cover governance structures, controls, integrity, and conflict management in relation to commodity benchmark price assessments.
"We are happy to announce that yet again, for a 3rd consecutive year, ICIS has demonstrated the reason we continue to be a widely trusted PRA. ICIS continues to meet the high standards expected by the market and set by the International regulators. Its been a process that has involved a great team effort across all areas of the business and regions. Our good global governance structure and processes across all commodity price assessments allow us to ensure that our benchmarks are robust and can continue to be relied upon." Richard Street, Head of Regulation and Compliance.
A full report detailing how ICIS has addressed the IOSCO oil PRA requirements, including its processes and policies governing assessment of the in scope benchmarks can be found here. This is accompanied by the findings of PricewaterhouseCoopers (PwC) who have independently reviewed this response as a basis for their Reasonable and Limited Assurance conclusions.
For further information about this release, please contact:
Direct line: +65 6780 4395
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.
About Reed Business Information
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.
RELX Group is a world‐leading provider of information solutions for professional customers across industries. The group employs about 28,500 people of whom half are in North America. RELX PLC, the London Stock Exchange listed shareholding vehicle, holds 52.9% of the shares in RELX Group. RELX NV, the Amsterdam Stock Exchange listed shareholding vehicle, holds 47.1% of the shares in 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. The total market capitalisation is approximately €32.2bnbn/£23.6bn.
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.