Leading global energy and commodity news and price reporting agency Argus has successfully completed the eighth 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.
Argus Media chairman and chief executive Adrian Binks said: “We have extended again the external review of our key prices and benchmarks this year. The Iosco PRA principles help to demonstrate that Argus prices, which our customers use as references 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.
The Iosco PRA Principles are available at http://www.iosco.org/library/pubdocs/pdf/IOSCOPD391.pdf
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About Argus Media
Argus is an independent media organisation with 1,000 staff. It is headquartered in London and has 23 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 and global growth equity firm General Atlantic.
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