LONDON, July 21, 2021 /PRNewswire/ -- Fastmarkets, the industry-leading cross-commodity price reporting agency (PRA), is excited to announce the successful completion of its first external assurance review of its agriculture division.
Independent professional services firm BDO LLP (BDO) carried out the external limited assurance review, which focused on Fastmarkets' Wheat FOB Germany 12.5% price.
BDO confirmed that, as of June 30, 2021, Fastmarkets strong governance structure and operating processes were aligned with the International Organization of Securities Commissions (IOSCO) PRA Principles in respect of the in-scope price assessment.
The assurance review examined all relevant compliance policies, process and control activities to ensure they adhere to the PRA principles and stated methodology.
"Fastmarkets is delighted to add the Wheat Germany premium assessment to the list of prices that have successfully completed an assurance review," said Fastmarkets CEO Raju Daswani. "As part of our commitment to integrity and transparency, we endorse methodologies that safeguard independent and expert pricing to provide our users with the highest possible level of confidence in the reliability of our benchmarks."
As per guidance from the European Securities and Markets Authority (ESMA), this external assurance review is sufficient to demonstrate compliance with the requirements of the EU Benchmarks Regulation (BMR) for commodity benchmarks (paragraph 18 of Annex II). Reviews must take place at least annually.
To obtain a copy of the independent assurance report, please click here.
Fastmarkets has invested significantly in resources and technology to ensure its price-assessment process aligns with IOSCO principles. View details here.
To view Fastmarkets agriculture price methodology/specifications, please click here.
Fastmarkets expanded its pricing and information services to the agriculture markets with the acquisition of AgriCensus in March 2020 and further bolstered its portfolio with the acquisition of The Jacobsen in February 2021, focusing on the bulk grains and oilseeds, vegetable oils and meals, animal fats and proteins, hemp, hides and biofuels markets. Fastmarkets provides over 1,000 proprietary prices in the agriculture market, as well as the latest news, market trends and forecasting.
The latest report from Fastmarkets' agriculture team, In the eye of the storm, focuses on how the oilseeds market emerged as the global driver of agriculture markets and its role in wider food price inflation.
ABOUT FASTMARKETS Fastmarkets is the industry-leading Price Reporting Agency (PRA) for global commodities, providing price data, news, analytics, and events for the metals and mining, forest products, and agriculture markets. Fastmarkets' data is critical for customers seeking to understand and predict dynamic, sometimes opaque markets, enabling trading and risk management. Fastmarkets is a global business with a history exceeding 130 years built on trust and deep market knowledge. Its team of more than 430 people are located in global offices including London, Kyiv, Helsinki, Boston, New York, Shanghai, Singapore, Brussels and São Paulo. Fastmarkets is part of Euromoney Institutional Investor PLC (LSE:ERM), a listed company on the London Stock Exchange. Euromoney is a leading international business-to-business information group focused primarily on the global commodities, banking and asset management markets.
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