Argus completes seventh annual benchmark review
Leading global energy and commodity news and price reporting agency Argus has successfully completed the seventh external assurance review of its energy price benchmarks.
Independent professional services company PwC examined the policies and processes through which Argus establishes price benchmarks for oil, LPG, thermal coal, coking coal, natural gas, biofuels and biomass.
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.
Argus Media Group chairman and chief executive Adrian Binks said: “The Iosco PRA principles help to demonstrate to our customers that Argus prices, which they use in physical and derivative contracts, planning and analysis, are produced through a reliable, transparent and robust 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 methodologies are also online.
The Iosco PRA Principles are available at http://www.iosco.org/library/pubdocs/pdf/IOSCOPD391.pdf
About Argus Media
Argus is an independent media organisation with almost 1,100 staff. It is headquartered in London and has 26 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.
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