OPIS Successfully Completes its 11th Annual IOSCO and BMR Assurance Reviews
Independent assessment affirms the accuracy and integrity of OPIS’s energy, renewables and coal commodity benchmarks
OPIS, a Dow Jones company, today announced it has successfully completed its 2024 assurance review of its key commodity benchmarks and price assessments in accordance with the principles for price reporting 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 that are vital to oil and gas, environmental commodities, renewable energy, petrochemicals and coal markets for the period Oct. 1, 2023, to Sept. 30, 2024. This is the 11th annual independent review of OPIS’s energy benchmarks and the 10th review of McCloskey’s coal benchmarks.
This year, OPIS added UK Carbon Allowances (UKAs), EU Carbon Allowances (EUAs) and additional renewable fuel and biofuels pricing assessments in the U.S. to the scope of the assurance audit demonstrating its commitment to the IOSCO principles and increasing price transparency.
“OPIS proudly serves the global energy community and our completion of more than a decade of IOSCO assurance reviews demonstrates our continued commitment to accuracy, integrity and transparency,” said Brian Crotty, Executive Vice President of Dow Jones Energy and General Manager of OPIS. “As energy markets grapple with evolving sustainability goals, access to accurate and reliable benchmarks is more essential than ever before. OPIS will continue to expand on our trusted renewable and carbon coverage to ensure our customers confidently manage the energy transition.”
“To ensure our price discovery processes are robust and accurate, we voluntarily subject our key pricing methodologies to this rigorous scrutiny each year. The frameworks we have implemented continue to stand firm and deliver the most trusted data in the industry,” said Ms. Carly John, Executive Director, Americas Editorial of OPIS. “This year also highlights our expanded offerings of exchange-traded and industry-referenced renewable diesel and sustainable aviation fuels pricing as well as our growing business in the UK and EU carbon markets.”
OPIS and its brands are part of Dow Jones, a global leader in data, analytics, news and business intelligence serving the energy and chemical markets. OPIS benchmarks are underpinned by robust methodologies aligned with the rigorous editorial standards and ethics that make Dow Jones uniquely trusted in the market.
The 2024 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.