监管与合规

监管与合规

合规与道德政策

我们将实施严格且透明的控制框架来管理我们的价格报告活动。此框架依据我们的全球合规政策,该政策可以在下方下载,其中包含道德政策。我们的全球合规官负责监督合规框架,包括滚动式内部审计计划,以确保员工遵守规定的作价方法和政策。我们的全球合规政策提供有关以下方面的指导:

  • 背景信息
  • 最佳实践
  • 公司结构和监管
  • 道德政策
  • 员工
  • 数据和数据安全
  • 更正政策
  • 作价方法和合规
  • 外部审计
  • 咨询和沟通
  • 阿格斯投诉处理流程
  • 查询

下载全球合规性PDF文件

保证审核

每年我们都会对所有商品基准进行独立的保证审核。我们已于2018年10月成功完成了对基准的最新独立保证审核。

作价方法

我们使用契合市场的作价方法来评估我们所报道的市场价格。我们会咨询每个市场所涉及的许多不同类型的参与者,并在我们的网站上发布每份价格报告所采用的作价方法。

咨询和审查

我们不断审查每种作价方法,确保其始终满足市场参与者的需求,并符合行业惯例。我们力争准确客观地反映市场交易方式,而不是强加不同的观点。

Response to consultation on changes to German fuel assessments

In April and May 2020 Argus Media published a formal consultation notification about proposed changes to the Argus German fuels services.

The consultation text is available here.

The consultation received six responses from stakeholders that agreed that their response could be published.

Argus response

In response to feedback from the market in the course of a formal methodological consultation within the framework of the IOSCO principles for Price Reporting Agencies, Argus Media issued the following announcement.

Outcome of the consultation on methodology changes related to the integration of Argus and O.M.R. services

London/Kellinghusen, 15 May 2020 (Argus O.M.R.) — Following consultation, Argus and O.M.R. will merge Argus German Fuels (Argus Handel) and O.M.R.’s Inland Price Assessments into a single report and online service publishing prices produced according to both methodologies at the start of 2021. Further integration of Argus and O.M.R. will occur as we combine the activities of our journalists into one team. That group will continue to produce low, high and volume-weighted average price assessments, offering the market a choice of pricing methodology to use in term contracts. A comprehensive list of price assessments that will be included in the Argus OMR service from the start of January 2021 is available here.

Timing

Following consultation, that overarching integration of Argus O.M.R. will occur at the start of January 2021. The alignment of regions will occur to a different timeline than initially proposed, and with a revision to the West pricing region.

The location Gustavsburg will be added to the vDIP Argus O.M.R. price for the Rhein-Main region from 1 January 2021 instead of 1 June 2020 as initially proposed.

From 1 January 2021 price region West will also include locations Neuss and Düsseldorf with a freight differential to Duisburg, like the current vDIP Argus price region Niederrhein-Ruhr.

From 1 June 2020 Argus will add vDIP prices for the East and Emsland regions.

Transactions in the low/high assessment process

O.M.R. low/high price assessments are currently based on reported offer prices and list prices received by email. From the start of January 2021, Argus O.M.R. will primarily base its low/high price assessments on reported transactions, using reported offers only when liquidity is low.

Argus has been collecting transaction data from the German downstream market for heating oil, diesel and gasoline since 2014 and now receives several hundred transactions from a growing number of market participants every day. Argus editors and reporters test the data to identify and remove outliers or other anomalous trades, after which the resulting set of data is used in the production of the Argus volume-weighted average price assessments published in Argus German Fuels.

From the start of January 2021, that cleaned trade data will also form the basis of the low/high Argus O.M.R. assessments. The high price will be the highest price at which 90m³ of heating oil and diesel and 30m³ of E5 gasoline traded in the relevant location, and the low price will be the lowest price at which 90m³ of heating oil and diesel and 30m³ of E5 gasoline traded in the relevant location. If either the high or low traded price did not trade in at least 90m³ or 30m³, Argus O.M.R. will publish a volume-weighted average of the highest-priced or lowest-priced trades whose total aggregate volume meets the 90m³ or 30m³ threshold.

If less than 500m³ of total volume is reported for a given assessment or fewer than six parties report transactions, Argus O.M.R. reporters may also take offers into account in the published low/high assessment.

Argus O.M.R. will continue to publish the midpoint price for each region as the mean of the low/high assessment.

Argus O.M.R. will cease publication of the existing Argus low and high prices, which are simply the lowest and highest reported trade for a region.

Sample data

Sample price data produced using the new methodologies described in this announcement will be made available on request. Click here to register.

Transactions and the Intraday Price Prisma

To preserve the relevance and utility of the Prisma indications, Argus O.M.R. will incorporate trade information in their creation. From the start of January 2021, the Prisma indications will incorporate trade information in a similar way to the new end-of-day low/high methodology.

Although increasingly common, not all market participants can report trades to us throughout the day. Accordingly, Argus O.M.R. editors will continue to survey market participants for both order and trade prices to inform the Prisma indications.

Assessment and Intraday Price Prisma timing

From the start of January 2021, Argus O.M.R. will advance the end times of those three survey periods, which would serve as cut-off times for information to be considered in the Prisma or end-of-day price assessments. Accordingly, information received until 11:15 will be included in the first Prisma assessment, information received until 14:15 will be included in the second Prisma assessment, and information received up to 17:00 will be included in the end-of-day assessment. Argus O.M.R. editors and reporters will continue to contact market participants by telephone and electronically throughout the day. Information about trades completed after 17:00 Central European Time and/or reported to Argus after 17:00 London time may not be considered for inclusion in the assessment.

Regional alignment

Argus and O.M.R have historically produced prices according to slightly different regional definitions. From the start of January 2021, pricing regions will fully align, and low/high and volume-weighted average price assessments will be produced for:

  • North - Hamburg
  • West - Duisburg, Gelsenkirchen, Essen base with Neuss and Düsseldorf
  • Cologne Bay - Cologne, Cologne-Godorf, Wesseling
  • Rhein-Main - Frankfurt base with Flörsheim, Raunheim, Gustavsburg, Hanau, Aschaffenburg
  • Southeast - Cunnersdorf, Gera, Hartmannsdorf, Leuna, Rhäsa, Thüringen (Lederhose)
  • Southwest - Karlsruhe
  • South - Ingolstadt, Vohburg, Neustadt
  • Magdeburg - Magdeburg
  • Seefeld-Schwedt - Seefeld, PCK Schwedt
  • East - Berlin including Kablow
  • Emsland - Lingen, Osnabrück, Münster

From the start of June 2020, Argus O.M.R. will cease the Argus assessments for Munich.

Volume-weighted averages become vDIP

To more clearly differentiate the various types of assessments published by Argus O.M.R., the current set of Argus volume-weighted average price assessments will be renamed “vDIP Argus O.M.R.”. The methodology governing those prices will not change.

Standardising 98 Ron and E10 assessments

Both Argus and O.M.R. publish price assessments in the less liquid 98 Ron and E10 markets based on differentials to the more active trade in E5 gasoline. From the start of January 2021, both low/high and vDIP assessments will use a single assessment of a national consensus differential to E5, as currently reported in Argus German Fuels for 98 Ron and E10 gasoline, which will then be applied to regional E5 low/high and vDIP assessments to produce outright regional 98 Ron and E10 gasoline prices.

Conclusion

Thank you very much for your response to this consultation. We look forward to working with you on bringing more transparency to the German downstream market.

Best regards,

Kevin Schaefer, Hagen Reiners | Geschäftsführer Editor - German Fuels

Kevin Schaefer, Hagen Reiners 
Geschäftsführer Editor - German Fuels

对有关液化石油气评估变更的咨询的回应

Argus Media在2018年10月和11月发布了一项有关液化石油气的正式咨询通知。

10月19日,伦敦(阿格斯)—如第7页“阿格斯全球液化石油气市场日报”作价方法所述,应市场参与者的要求,阿格斯提议缩小在评估时市场中只有评估相关的出价或报价的情况下所使用的价差,从$10/t降至$6/t。

阿格斯还提议将舍入出价和报价转为最接近的价格,即50美元。

咨询部收到了一位利益相关者的回复说他们同意发布他们的回复。

阿格斯回应

为了回应在国际证监会组织(IOSCO)针对价格报告机构所制定的原则框架下有关正式作价方法咨询的市场反馈,Argus Media发布了以下声明。

阿格斯将缩小西北欧和地中海丙烷和丁烷的差价,从$10/t降至$6/t

咨询过后,如果评估时市场上只有评估相关的出价或报价,阿格斯将缩小公布的价差,从$10/t降至$6/t。此变更将于2019年1月2日(星期三)生效。

咨询过后,阿格斯也将把舍入出价和报价转为最接近的50美元的价格,而不是2019年初公布的最接近的价格。由于技术原因,现在还无法公布此变更的确切日期,但会尽快公布。

对有关煤炭评估变更的咨询的回应

2017年12月,Argus Media发布了一项有关热能煤的正式咨询通知。咨询部提议扩大阿格斯到岸价ARA和理查德湾离岸价6000价格评估的范围,纳入最低热值5,700kcal/kg。

咨询部还提议自2018年2月26日起,将阿格斯到岸价ARA(5,850kcal/kg)价格评估的最小货物尺寸减少至25,000吨。

咨询部商讨了五周,在此过程中提出了许多不同的问题,包括:

  • 长期交易的当前指数会发生什么改变?
  • 该范围不应该与全球煤炭目的港船上交货ARA 5700合约相匹配吗?
  • 为什么目的港船上交货ARA的体积大小要改为25,000吨?
  • 为什么不发布并行指数?一些市场参与者要求提供有关5700市场规模和交易数量的更多数据。
  • 为什么要将理查德湾离岸价5700合约的最高灰分提高到18%?

咨询部收到了26份回复,但只有四位利益相关者同意公布其回复。

阿格斯回应:

为了回应在IOSCO针对价格报告机构所制定的原则框架下有关正式方法咨询的市场反馈,Argus Media正在推行两项新的实体热煤评估,包括到岸价ARA和理查德湾离岸价的低热值5,700 kcal/kg活动。

这些评估的推行不会影响当前API 2和API 4指数的完整性。在适当的时候,阿格斯将与利益相关者一起启动审查流程,以确定到岸价ARA和理查德湾离岸价5,700 kcal/kg的定价是否足够稳健和透明,能够作为新基准指数的基础。

欲了解更多信息,请联系Dan Hayes

编辑行为准则

我们所有的记者和编辑都严格按照编辑行为准则行事,该行为准则符合最佳新闻实践,包括避免利益冲突方面的信息。我们的行为准则提供有关以下方面的指导:

  • 准确性
  • 机密来源
  • 公正性
  • 利益冲突
  • 专业化
  • 剽窃抄袭
  • 署名和引用
  • 有关此准则的问题

下载行为准则PDF文件

监管响应

阿格斯会尽力维持一个积极的公共政策计划,努力跟上相关行业的国际发展趋势。我们经常与政策制定者、监管机构、政府机构和其他行业机构合作,以维护透明且高效的批发商品市场。

意见及投诉

阿格斯有一套正式的投诉处理流程,您可在“全球合规政策”第6页中查看。如需有关此政策与任何合规性问题的更多信息,请与我们联系。

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现代奴隶声明

阿格斯将严格履行2015年《现代奴隶法案》(Modern Slavery Act)规定的法律责任。阅读相关声明,了解为防止我们的业务和供应商当中出现现代奴隶和人口贩卖而采取的措施。

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