OPIS by IHS Markit Successfully Completes BMR and IOSCO Assurance Reviews
Leading fuel and energy commodity price reporting agency completes IOSCO assurance review for the seventh consecutive year as well as completes first successful BMR assurance review.
ROCKVILLE, Md. (Jan. 8, 2020) — IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, is pleased to announce that IHS Markit Benchmark Administration Limited (IMBA) has completed its first assurance review regarding commodity benchmarks administered in accordance with the European Union Benchmark Regulation (BMR). IMBA is authorized and regulated by the UK Financial Conduct Authority as a benchmark administrator.
Oil Price Information Service (OPIS) by IHS Markit (NYSE: INFO), a leading price reporting agency (PRA) serving the oil, natural gas, petrochemical and biofuels industries, also completed its seventh annual independent assurance review of its price assessment benchmarks in accordance with IOSCO Principles for Oil Price Reporting Agencies (IOSCO Principles).
This year, OPIS brought its PetroChemWire (PCW) U.S. petrochemical and Natural Gas – LNG commodity product benchmarks within scope of the assurance review, demonstrating the OPIS commitment to increased price transparency in the downstream energy market.
The 2019 report includes OPIS’s response to the IOSCO Principles and BMR describing the policies, processes and control activities governing the assessment of in-scope commodity benchmarks. The report includes the findings of PricewaterhouseCoopers LLP (PwC), which independently reviewed those responses.
“OPIS’s successful assurance review against BMR regulation is a clear commitment to our customers that we are at the forefront of keeping with regulatory requirements and implementing compliance frameworks to address those requirements—ensuring we provide accurate and reliable benchmarks,” said Steve Tan, vice president of strategic content for OPIS. “This is also our seventh successful IOSCO assurance review, which indicates our consistent focus on ensuring the price-discovery process is robust. We are encouraged to hear our exchange-listed benchmarks achieved record volume trades in 2019. This fact compels us to strive for continuous improvement in our quality assurance programmes as a commitment to our stakeholders.”
IOSCO finalized its Principles for Oil Reporting Agencies in October 2012, which govern the quality, integrity and customer response policies of oil commodity spot market coverage. The IOSCO Principles for Oil Price Reporting Agencies are available here (https://www.iosco.org/library/pubdocs/pdf/IOSCOPD391.pdf)
BMR includes a regime specifically for commodity benchmarks, in Annex II. Details of BMR can be found here (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R1011&from=EN).
The IMBA page, including details of the IHS Markit Benchmark Administration Complaints Handling Policy, can be found here (https://ihsmarkit.com/products/benchmark-administration-uk.html)
The full OPIS report, including the annual independent assurance review, is here. (https://notices.opisnet.com/IOSCO).
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About OPIS (www.opisnet.com)
Oil Price Information Service (OPIS) by IHS Markit (NYSE: INFO) 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 OPIS PetroChem Wire enable customers to buy and sell oil and gas products with confidence via easy access to transparent data, expert-level customer support, educational events and energy data solutions with Axxis Software and OPIS RetailSuite.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
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