OPIS, a Dow Jones company, successfully completes 10th Annual IOSCO and BMR Assurance Reviews
The following press release was issued by Dow Jones on December 19, 2023
Independent Assessment Affirms Accuracy and Integrity of OPIS’s Energy, Renewables and Coal Commodity Benchmarks
NEW YORK [December 19, 2023] – OPIS, a Dow Jones company, today announced it has successfully completed its 2023 assurance review of its commodity benchmarks and key price assessments in accordance with the principles for price report agencies (PRAs) outlined by the International Organization of Securities Commissions (The IOSCO PRA Principles).
Independent professional services company BDO LLP examined the policies and processes through which OPIS and its McCloskey business assess prices for the oil and gas, environmental commodities, renewable energy, petrochemicals and coal markets for the period Oct. 1, 2022, to Sept. 30, 2023. This is the 10th annual independent review of OPIS’s energy benchmarks and the 9th review for McCloskey coal benchmarks.
This year, OPIS added additional carbon and renewable fuel pricing assessments within the scope of the assurance audit as well as McCloskey’s key metallurgical coal assessments, demonstrating its commitment to the IOSCO principles and increasing price transparency.
“OPIS is proud to have completed a decade of IOSCO assurance reviews, underscoring our ongoing commitment to accuracy, integrity and transparency,” said Brian Crotty, Executive Vice President and General Manager of Dow Jones Energy. “Against a backdrop of heightened volatility in the global energy markets, access to accurate and reliable benchmarks has never been more critical. Expanding our renewable and carbon coverage reflects the growing importance of these markets as our customers navigate the energy transition.”
“Our pricing methodologies are subject to rigorous scrutiny to ensure our customers have the information they need to make critical business decisions,” said John Howland, Vice President at McCloskey by OPIS, a Dow Jones company. “This annual review is testament to the world-class expertise of our research team and our unwavering commitment to deliver the most trusted data in the industry.”
OPIS and its brands are part of Dow Jones Energy, a global leader in data, analytics and information serving the energy and chemical markets. OPIS benchmarks are underpinned by robust methodologies in alignment with the rigorous editorial standards and ethics that make Dow Jones uniquely trusted in the market.
The 2023 report, including OPIS policies, processes and control activities governing the assessment of in-scope commodity benchmarks, and the findings of BDO, can be accessed via the OPIS website.
OPIS, a Dow Jones company, provides accurate pricing, real-time news and expert analysis across the global fuel supply chain, including the Spot, Wholesale Rack and Retail markets. OPIS and its brands, McCloskey, PetroChem Wire, Axxis and Chemical Market Analytics, enable customers to buy and sell energy commodities with confidence across the globe via easy access to transparent data, expert-level customer support, educational events and energy data solutions.
About Dow Jones
Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world’s largest news-gathering operations globally. It is home to leading publications and products including the flagship Wall Street Journal, America’s largest newspaper by paid circulation; Barron’s, MarketWatch, Mansion Global, Financial News, Investor’s Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, OPIS and Chemical Market Analytics. Dow Jones is a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV).