Argus completes 12th benchmark review

11 October 2023 - Leading global energy and commodity price reporting agency Argus has successfully completed the 12th external assurance review of its energy and commodity benchmarks and other key prices.

Independent professional services company PwC examined the policies and processes through which Argus assesses prices for crude oil, oil products, LPG, chemicals, thermal and coking coal, natural gas, biofuels, biomass, metals, fertilizers and agricultural markets.

The policies and processes reviewed by PwC were designed by Argus to comply with the principles for price reporting agencies (PRAs) set out by the International Organization of Securities Commissions (the Iosco PRA Principles) in October 2012.

Argus Media chairman and chief executive Adrian Binks said: “Argus prices are used by organisations around the world as a source for the accurate and transparent measurement of the value of commodities. The methodologies we use to assess prices are publicly available and are designed and frequently reviewed to ensure they are appropriate for each market we cover. This annual review is an independent and thorough check of our processes and policies.”

Argus became the first PRA to complete an independent review of oil benchmarks, in October 2013, and was the first to extend the Iosco PRA Principles to non-oil energy benchmarks, in January 2014.

The Iosco PRA Principles were endorsed by the G20 in November 2012, and have since been incorporated into the EU’s Benchmark Regulation, know as BMR. They cover governance, control, quality, integrity and conflict management in relation to commodity benchmark price assessments published by PRAs, and require an annual external audit.

Argus’ policies and procedures, together with the full assurance review, and its price assessment methodologies are available online.