LONDON, April 30, 2019 /PRNewswire/ -- Fastmarkets, a leading source of commodities data for the metals, mining and forest products markets, is excited to announce that PricewaterhouseCoopers LLP (PwC) has carried out an external assurance review of a further four index prices to confirm they are aligned with the International Organization of Securities Commission's (IOSCO) Principles for Oil Price Reporting Agencies (PRAs).
The following indices were included in the scope of the assurance:
- Hot-Rolled Coil Index US domestic Midwest fob mill;
- Manganese Ore Index 37%, cif Tianjin China;
- Manganese Ore Index 44%, cif Tianjin China; and
- Copper Concentrates TC/RC Index.
"Fastmarkets is proud to have successfully completed its third assurance review," Fastmarkets CEO Raju Daswani said. "The external audit of our process is in line with our commitment to provide reliable, impartial, representative and transparent benchmarks for the market to use in physical trading, risk management, analysis and planning purposes."
PwC's independent assurance audit included a comprehensive review of Fastmarkets' documentation of its processes for the specified price assessments. The review was undertaken to meet IOSCO's recommendation that PRAs engage an external auditor to review and report on Fastmarkets' adherence to its own stated methodology criteria as well as the requirements of the IOSCO PRA principles.
To obtain a copy of the independent assurance report, please visit: https://u.metalbulletin.com/benchmark-assurance/
Fastmarkets has invested significantly in resources and technology to ensure its price assessment process aligns with IOSCO Principles. View details here: https://youtu.be/gEHI_wAMSBc
View Fastmarkets' pricing methodology/specifications here: https://www.fastmarkets.com/about-us/methodology
Fastmarkets is the leading price reporting, analytics and events organization for the global metals, mining and forest products markets. Fastmarkets' core activity in pricing drives transactions in commodities markets around the world and is complemented by news, industry data, analysis, conferences and insight services. Fastmarkets includes brands such as Fastmarkets MB, Fastmarkets AMM (previously known as Metal Bulletin and American Metal Market respectively), Fastmarkets RISI and Fastmarkets FOEX. Its team of over 400 people are located in 14 global offices including London, Boston, New York, Shanghai, Beijing, Singapore, Brussels and São Paulo. Fastmarkets is part of Euromoney Institutional Investor PLC (LSE:ERM), a listed company on the London Stock Exchange. Euromoney is a leading international business-to-business information group focused primarily on the global commodities, banking and asset management markets.