Fastmarkets successfully completes IOSCO assurance review for its NBSK CIF China price

Fastmarkets, the industry-leading cross-commodity price reporting agency (PRA), is delighted to announce the successful completion of an external assurance review of its NBSK CIF China assessment. This milestone confirms its alignment to the standards defined by the International Organization of Securities Commission (IOSCO) within the Principles for Oil Price Reporting Agencies.

Professional services firm BDO carried out the independent assurance review. It found that, as of May 31, 2021, Fastmarkets’ responses were in line with the IOSCO principles for PRAs. The review process is comprehensive, examining all relevant documentation and processes to ensure their quality, integrity and adherence to stated methodology. 
 
“Fastmarkets is delighted to add the NBSK CIF China assessment to the list of our prices that have successfully completed an assurance review,” said Fastmarkets CEO Raju Daswani. “We remain committed to growing our list of audited prices and providing our users the highest possible level of confidence in the reliability of our benchmarks.” 
 
As per guidance from the European Securities and Markets Authority (ESMA), this assurance review by an independent external auditor is sufficient to demonstrate compliance with the requirements of the Benchmarks Regulation (BMR) for commodity benchmarks (paragraph 18 of Annex II). Reviews must take place at least annually. 

“Providing our customers with dependable prices backed by reliable methodologies is at the heart of what we do,” said Fastmarkets senior vice president Matt Graves. ”With this new audit, I’m happy to confirm that all of Fastmarkets Forest Products’ exchange-traded prices have now successfully undergone IOSCO assurance audits, including the two new China pulp contracts for hardwood and softwood pulp futures launched earlier this month by NOREXECO.”

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 Forest Products price methodology/specifications, please click here.

For further inquiries, please contact Katharine Kellar at katharine.kellar@fastmarkets.com.

What to read next
This consultation, which is open until March 8, 2024, seeks to ensure that our methodologies continue to reflect the physical market under indexation, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes all elements of our pricing process, our price specifications and publication frequency. Fastmarkets FOEX […]
China has released the first round of rare earth mining and smelting and separation quotas for 2024 in a joint announcement by the country's Ministry of Industry and Information Technology and the Ministry of Natural Resources on Tuesday February 6
After a consultation period which ended on Tuesday January 30, Fastmarkets has amended the chemical specifications and names of its MB-MNO-0001 manganese ore 44% Mn, cif Tianjin and MB-MNO-0005 manganese ore 44% Mn, fot Tianjin indices.
China Northern Rare Earth Group High Tech Co expects its net profit for 2023 to have decreased by 53.97-61%, the company announced on Monday January 29
The Chinese pulp sector faces supply disruptions and market uncertainty as Canadian mills consider closures amid falling prices
Brazilian soybean prices are under further pressure from another bumper harvest and weak Chinese demand