LONDON (December 23, 2019) – S&P Global Platts, the leading independent provider of information, analytics, and benchmark prices for the commodities and energy markets, today announced that an independet assurance review of its oil and non-oil price assessment processes completed by Ernst & Young confirms that Platts' governance and controls framework, policies and editorial practices align with IOSCO's Principles for Oil Price Reporting Agencies.
Martin Fraenkel, president of S&P Global Platts:"S&P Global Platts is proud to continue its commitment to being a standard bearer in structured, transparent methodologies and governance procedures across all the commodities we cover. We're also proud of our track record of being the first to undergo the highest review of its type, the reasonable assurance view by an independent auditor, in oil and non-oil commodities, beginning 2013 and 2014, respectively."
The Ernst & Young review included a comprehensive review of S&P Global Platts' documentation of its processes for price assessments used for oil and non-oil derivative contracts and observances of its practices in Houston, London and Singapore. The review was undertaken to meet IOSCO's recommendation that price-reporting agencies engage an external auditor to review and report on the PRA's adherence to its own stated methodology criteria as well as the requirements of the IOSCO PRA Principles. A reasonable assurance review is the highest standard for such a review.
The International Organization of Securities Commissions (IOSCO) published its Principles for Oil Price Reporting Agencies, which were contributed to by US regulators such as the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC), and UK's Financial Conduct Authority, were endorsed by the G20, in October 2012.
”This latest Ernst & Young review of our price assessment processes and confirmation of their IOSCO PRA Principles alignment is further evidence of S&P Global Platts' continued support of efforts by legislators and regulators to assure confidence in benchmarks," Fraenkel said.
S&P Global Platts has published the full reasonable assurance review at https://www.spglobal.com/platts/en, which includes the policies and procedures it has in place to meet each of the IOSCO Principles, and Ernst & Young's comments on those policies and procedures. Details of Platts' methodologies can be found in the methodology section, by commodity, on the S&P Global Platts website.
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At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping.
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