OPIS Successfully Completes Benchmark Audit for Natural Gas Liquids, Refined and Renewable Products Pricing Assessments
LONDON (12 October 2016) –Oil Price Information Service (OPIS) – part of business information provider IHS Markit (Nasdaq: INFO) and an internationally referenced price reporting agency serving the oil, natural gas and biofuels industries – has completed its fourth annual independent audit. This audit was carried out on its oil price reporting business that includes its benchmarked U.S. Natural Gas Liquids, U.S. West Coast Refined Spots, U.S. Midwest Refined Spots, Europe LPG and U.S. Renewables methodologies.
Under voluntary Principles for Oil Price Reporting Agencies (PRAs) set forth by the International Organization of Securities Commissions (IOSCO), OPIS’s spot price discovery procedures and policies undergo an annual independent audit.
The 2016 report includes OPIS’s response to the IOSCO Principles describing its policies, processes and control activities governing its assessment of in-scope oil and non-oil benchmarks. This is accompanied by the findings of PricewaterhouseCoopers LLP (PwC), who as part of the independent audit, have reviewed this response.
OPIS has now brought further exchange-referenced refined products benchmarks into scope including Group 3 X Grade ULSD and V Grade Suboctane Gasoline, which demonstrates the commitment of OPIS to provide increased transparency within the market.
“Today’s announcement of our fourth annual successful IOSCO audit signifies our ongoing commitment to quality, reliability and transparency,” said Robert Gough, vice president of content for OPIS. “It also marks our expanding offering of exchange-traded U.S. Midwest refined products pricing indices.”
IOSCO finalized its Principles for Oil Reporting Agencies in October 2012 that govern the quality, integrity and customer response policies of oil commodity spot market coverage. The IOSCO Principles for Oil Price Reporting Agencies can be found here.
Details of OPIS’s spot methodologies, including the OPIS Spot Price Customer Bill of Rights and OPIS’s adherence to the IOSCO Principles, can be found here.
OPIS’s full report, including the annual independent audit, can be found here.
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IHS Markit (Nasdaq: 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 key 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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About Oil Price Information Service (www.opisnet.com)
Oil Price Information Service (OPIS), an IHS Markit Company (NASDAQ: INFO), is one of the world’s most comprehensive sources for petroleum, LPG/NGL, jet fuel and biofuels pricing and news information with offices in the U.S., Europe and Singapore and is the most widely accepted U.S. fuel price benchmark for supply contracts and competitive positioning