Fastmarkets successfully completes IOSCO assurance review of its key metals and agricultural prices
Fastmarkets, one of the industry’s leading cross-commodity price reporting agencies (PRA), announced today that it has completed its annual review of its adherence to the International Organization of Securities Commissions (IOSCO) Principles for its key metals and agricultural price assessments and indices.
The review was conducted by the independent global accounting and professional services firm BDO and found that, as of June 30, 2024, Fastmarkets’ governance framework and control activities were in line with the Principles for Oil PRAs set out by the International Organization of Securities Commissions (IOSCO).
The IOSCO principles create an overarching framework for benchmarks, articulating guidance and principles ensuring transparency and openness. The assurance review process examines a firm’s governance and controls framework, policies, and methodologies in scope to verify their adherence to the PRA Principles.
As stated by the European Securities and Markets Authority (ESMA), this external assurance review is sufficient to demonstrate compliance with the audit requirements of the EU Benchmark Regulation (BMR) for commodity benchmarks (paragraph 18 of Annex II).
The price assessments reviewed include some administered by Fastmarkets Benchmark Administration Oy (FBA Oy), which was incorporated in Finland in December 2020 to administer all benchmarks that are in the scope of the BMR.
This year’s review covered key benchmarks in the aluminium, alumina, cobalt, copper, lithium, manganese, iron ore, Bleachable Fancy Tallow, Soybean, and steel scrap markets. Eight new prices also achieved Type 1 IOSCO accreditation; these are as follows:
To obtain a copy of the independent assurance reports and to view Fastmarkets’ price methodology/specifications, click here.
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