PricewaterhouseCoopers LLP (PwC) has carried out an independent external assurance review of 13 price assessments and indices to examine Fastmarkets’ responses to the IOSCO principles.
The review process is an arduous one, examining relevant aspects of internal processes to ensure their quality and integrity. The principles seek to hold PRAs accountable for providing reliable, impartial, representative and transparent benchmarks for the market to use in physical trading, risk management, analysis and planning purposes.
An external assurance engagement on a PRA’s implementation of policies and activities to comply with the IOSCO principles can either focus on the effective implementation at a specific point in time or on the effective implementation and operation over a period of time. PwC has completed the latter form of engagement, subjecting Fastmarkets to a greater level of scrutiny of its processes and controls over a 12-month period.
“In today’s global economy, it’s important that our customers understand our commitment to providing them with transparent, auditable prices, news and forecasts,” Fastmarkets chief executive officer Raju Daswani said. “We continue to take careful, well-measured steps forward. Completing this assurance engagement, which examined our responses to the principles over a 12-month period, is a major milestone and is recognition of the integrity of our processes and controls.”
The following price assessments and indices were included in the scope of the assurance and received a 12-month re-validation:
- Aluminium P1020A premium, in-whs dup Rotterdam
- Iron ore 62% Fe fines, cfr Qingdao
The prices below were validated over a 12-month period for the first time:
- Aluminium P1020A premium, in-whs dp Rotterdam
- Aluminium P1020A (MJP) spot premium, cif Japan
- Alumina index, fob Australia
- Cobalt standard grade, in-whs Rotterdam
- Copper grade A cathode premium, cif Shanghai
- Iron ore 65% Fe Brazil-origin fines, cfr Qingdao
- Iron ore 66% Fe concentrate, cfr Qingdao
- Lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices cif China, Japan & Korea
- Lithium carbonate 99.5% Li2CO3 min, battery grade, spot price range exw domestic China
- Lithium hydroxide monohydrate 56.5% LiOH.H2O min, battery grade, spot price cif China, Japan & Korea
- Lithium hydroxide monohydrate 56.5% LiOH.H2O min, battery grade, spot price range exw domestic China
To obtain a copy of the independent assurance report, please click here.
Fastmarkets has invested significantly in resources and technology to ensure its price assessment process aligns with IOSCO principles. View details here.
To view Fastmarkets’ pricing methodology/specifications, please click here.
For further inquiries, please contact Katharine Kellar at katharine.kellar@fastmarkets.com.
ABOUT FASTMARKETS
Fastmarkets is a leading price reporting, analytics and events organization for the global commodity markets, including metals, mining and forest products. 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.
