LONDON, Oct. 12, 2020 /PRNewswire/ -- Leading global energy and commodity price reporting agency Argus has successfully completed the ninth external assurance review of its energy and commodity benchmarks and other key prices.
Independent professional services company PwC examined the policies and processes through which Argus assesses prices for crude oil, oil products, LPG, petrochemicals, thermal and coking coal, natural gas, biofuels, biomass, iron ore and steel.
The policies and processes reviewed by PwC were designed by Argus to comply with the principles for price reporting agencies (PRAs) set out by the International Organization of Securities Commissions (the Iosco PRA Principles) in October 2012.
EU financial regulator the European Securities and Markets Authority has also ruled that an annual review against Iosco PRA Principles is sufficient to demonstrate compliance with the requirements of the EU Benchmark Regulation (BMR), which came into effect in January 2018.
The prices reviewed included those published by Argus Media and those administered by Argus Benchmark Administration (ABA). ABA was incorporated in the Netherlands in April 2019 to administer all those benchmarks that fall into the scope of the BMR.
Argus Media chairman and chief executive Adrian Binks said: "We take our responsibilities to comply with regulations seriously. Last year we established Argus Benchmark Administration in Amsterdam so that we can continue to operate within EU law. This and the Iosco PRA Principles help demonstrate that our prices, which are used extensively within the energy and commodity markets, are the result of an open, appropriate and reliable methodology."
Argus became the first PRA to complete an independent review of oil benchmarks, in October 2013, and was the first to extend the Iosco PRA Principles to non-oil energy benchmarks, in January 2014.
The Iosco PRA Principles were endorsed by the G20 in November 2012. They cover governance, control, quality, integrity and conflict management in relation to commodity benchmark price assessments published by PRAs, and require an annual external audit.
Argus' description of its policies and procedures, together with the full assurance review, are publicly available, and Argus' price assessment methodologies are also online.
The Iosco PRA Principles are available at http://www.iosco.org/library/pubdocs/pdf/IOSCOPD391.pdf
Argus contact information
London: Seana Lanigan
+44 20 7780 4200
Email Seana
Singapore: Tomoko Hashimoto
+65 6496 9960
Email Tomoko
Moscow: Alexey Komarov
+7 495 933 75 71
Email Alexey
Houston: Karen Johnson
+1 281 732 9489
Email Karen
About Argus Media
Argus is an independent media organisation with more than 1,000 staff. It is headquartered in London and has 25 offices in the world's principal commodity trading and production centres. Argus produces price assessments and analysis of international energy and other commodity markets, and offers bespoke consulting services and industry-leading conferences.
Companies in 140 countries around the world use Argus data to index physical trade and as benchmarks in financial derivative markets as well as for analysis and planning purposes.
Argus was founded in 1970 and is a privately held UK-registered company. It is owned by employee shareholders, global growth equity firm General Atlantic and Hg, the specialist software and technology services investor.
ARGUS, the ARGUS logo, ARGUS MEDIA, ARGUS DIRECT, ARGUS OPEN MARKETS, AOM, FMB, DEWITT, JIM JORDAN & ASSOCIATES, JJ&A, FUNDALYTICS, METAL-PAGES, METALPRICES.COM, INTEGER, Argus publication titles and Argus index names are trademarks of Argus Media Limited.
SOURCE Argus Media
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