Fastmarkets, a leading cross-commodity price-reporting agency (PRA) in the industry, has announced today the completion of its annual review regarding its adherence to the International Organization of Securities Commissions (IOSCO) Principles for Commodity Benchmarks concerning its primary forest products prices.
Conducted by the independent global accounting and professional services firm BDO, the review confirmed that, as of March 31, 2024, Fastmarkets’ governance framework and control activities were consistent with the Principles for Oil PRAs established by IOSCO in 2012.
The IOSCO principles serve as a comprehensive framework for benchmarks, providing guidance and principles aimed at ensuring transparency and openness. The assurance review process assesses a firm’s governance and control framework, policies, and methodologies to verify their adherence to PRA principles.
According to the European Securities and Markets Authority (ESMA), this external assurance review is deemed 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 under review include those administered by Fastmarkets Benchmark Administration Oy (FBA Oy), which was established in Finland in December 2020 to administer all benchmarks falling within the scope of the BMR.
“We are pleased with the outcome of this annual external assurance review of our governance framework, demonstrating our longstanding commitment to delivering and evolving best practices in price reporting across our business. Providing our customers with dependable prices backed by reliable methodologies is at the core of our mission,” stated Fastmarkets CEO Raju Daswani.
read more: FX Newsroom
