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.” said 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.
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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.
ICIS is a division of Reed Business Information, part of RELX Group.