Fastmarkets Benchmark Administration Oy (FBA) was incorporated in December 2020 to operate as the independent administrator of benchmarks published by price reporting agency (PRA) Fastmarkets and subject to the European Benchmarks Regulation (BMR). It is a wholly-owned subsidiary of UK-listed Euromoney Institutional Investor plc. It is headquartered in Helsinki, Finland, and supervised by the Finnish Financial Supervisory Authority (FIN-FSA).
FBA is listed on the public register of The European Securities and Markets Authority (ESMA) as authorized and registered administrators of benchmarks, which is available on the ESMA website.
The EU Benchmarks Regulation (BMR) came into effect on January 1, 2018, but with a transitional period to January 1, 2020, for existing benchmark providers.
Pursuant to Article 19 of the BMR, Fastmarkets is subject to the specific requirements of Annex II of the BMR, which is closely modelled on the International Organization of Securities Commissions (IOSCO) principles for PRAs.
Below are the benchmarks that are either in scope or expected soon to be in scope of the BMR:
- FOEX PIX NBSK Pulp Index, Europe, in USD
- FOEX PIX BHKP Index, Europe, in USD
- Aluminium P1020A premium, in-whs dup Rotterdam, $/tonne
- Alumina index, fob Australia, $/tonne (discontinued effective November 22,2021)
- Cobalt standard grade, in-whs Rotterdam, $/lb
The list will be updated when new benchmarks are added to the supervision of FBA and the FIN-FSA. Some benchmarks may rely on the exemption for smaller commodity benchmarks in accordance with Article 2(2)(g) of BMR.
You can find the appropriate benchmark statements for those Fastmarkets assessments, that fall into scope of the BMR below:
- FBA Oy – Benchmark Statement: FOEX PIX European Pulp family of benchmarks
- FBA Oy – Benchmark Statement: Aluminium P1020A premium, in-whs dup Rotterdam
- FBA Oy – Benchmark Statement: Alumina index, fob Australia (discontinued effective November 22, 2021)
- FBA Oy – Benchmark Statement: Cobalt standard grade, in-whs Rotterdam
Fastmarkets is committed to bringing consistency and trust to its price assessments through a rigorous methodology, which is governed by Fastmarkets’ highest standards of compliance, quality and integrity.
Each methodology is designed to fit the specific market it covers and to reflect the way the market is traded.
Methodologies are reviewed regularly to ensure that they are in line with industry practice and meet the needs of market participants and users, who are also regularly consulted for their views and feedback.
View a listing of all Fastmarkets’ methodologies here. You may also download the individual methodologies below:
- PIX European Pulp Price Indices methodology
- Aluminium P1020A Premiums methodology
- Alumina indices methodology (discontinued effective November 22, 2021)
- Cobalt methodology
To read Fastmarkets’ methodology review and change consultation process, click here.
Fastmarkets has been externally audited since 2017 to ensure its compliance with the IOSCO Principles for PRAs. Every year it carries out multiple independent assurance reviews for all key commodity benchmarks; FBA runs the process for benchmarks subject to the BMR.
Find the latest independent assurance reviews below:
Users of Fastmarkets’ benchmarks may submit complaints to Fastmarkets following the complaints handling policy.
All benchmarks subject to the BMR will be reviewed and managed by FBA.
Fastmarkets Benchmark Administration Oy
Managing Director: Lasse Sinikallas