IHS Markit has announced 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 authorised and regulated by the UK Financial Conduct Authority as a benchmark administrator.
In accordance with the IOSCO Principles for Oil Price Reporting Agencies, IHS Markit’s commodity benchmarks have also successfully completed standalone assurance reviews on their ongoing compliance with the IOSCO Principles.
The IHS Markit coal division, a price reporting agency (PRA) providing critical intelligence and analysis on the global seaborne coal market, completed its fifth annual independent assurance review of its price assessment benchmarks. The IHS Markit coal price benchmarks include proprietary markers that serve as the settlement price in 80% of the world's coal-derivative contracts.
The 2019 reports include IHS Markit responses to the IOSCO Principles and BMR describing the policies, processes, and control activities governing the assessment of in-scope commodity benchmarks. The reports include the findings of PricewaterhouseCoopers LLP (PwC), which independently reviewed these responses.
“I am delighted we have completed our first assurance review in accordance with BMR,” said John Howland, vice president of Coal at IHS Markit and Director of IMBA. “The benchmarks reviewed are global and include not just our European products, but those in Africa, Australia, China and Indonesia. As the only price reporting agency publishing coal indices to have undergone a Benchmark Regulation review, we have committed to applying the stringent BMR requirements ahead of the expiry of regulation’s transitional period.”
To access the IHS Markit Coal report click here.
Read the article online at: https://www.worldcoal.com/coal/03012020/ihs-markit-completes-assurance-reviews-for-coal-benchmarks/