22 October 2014, Sweetcrude, GAITHERSBURG, MD — Oil Price Information Service (OPIS), an internationally referenced price reporting agency serving the oil, natural gas and biofuels industries, is pleased to announce that it has successfully completed its second annual independent audit carried out on its oil price reporting business which includes its benchmarked U.S. Natural Gas Liquids, U.S. West Coast Refined Spots and Europe LPG methodologies.
Under voluntary Principles for Oil Price Reporting Agencies set forth by the International Organization of Securities Commissions (IOSCO), OPIS’s spot price discovery procedures and policies are now required to undergo an annual independent audit.
Our 2014 report includes OPIS’s response to the IOSCO principles describing its policies, processes and control activities governing its assessment of in-scope oil and non-oil benchmarks. This is accompanied by the findings of PricewaterhouseCoopers LLP (PwC) who as part of the independent audit have reviewed this response.
In line with IOSCO recommendations for 2014, this year’s independent audit by PwC has been undertaken to deliver “reasonable assurance” for those benchmarks that were also subject to assurance in 2013.
PwC reviewed the detailed description of the policies, processes and control activities designed and operated by OPIS to ensure compliance with the requirements of the IOSCO PRA Principles.
OPIS has now brought further non-oil benchmarks into the scope of reporting and independent audit (Propane ARA CIF) which demonstrates the commitment of OPIS to provide increased transparency within the market.
“Today’s announcement regarding OPIS’s compliance to the IOSCO principles is further indication of its commitment to provide transparency within the market regarding its vital spot price discovery,” said Robert Gough, Director of Content for OPIS.
IOSCO finalized its Principles for Oil Reporting Agencies in October 2012 that govern the quality, integrity and customer response policies of oil commodity spot market coverage.
Details of OPIS’s spot methodologies including the OPIS Spot Price Customer Bill of Rights and OPIS’s adherence to the IOSCO Principles may be found here (http://www.opisnet.com/about/methodology.aspx). OPIS’s full report including the annual independent audit may be found here. (http://notices.opisnet.com/IOSCO).
OPIS, a division of UCG, is one of the world’s most comprehensive sources for petroleum, LPG/NGL, jet fuel and biofuels pricing and news information with offices in the U.S., Europe and Singapore and is the most widely accepted U.S. fuel price benchmark for supply contracts and competitive positioning.
Founded in 1977, UCG is one of America’s leading, privately held providers of specialized business-to-business information. UCG’s portfolio is composed of companies serving the information and software needs of decision makers in health care, oil and energy, technology, telecommunications, banking and finance, and the mortgage industry. The company has received many awards for journalistic excellence and was voted one of D.C.’s 50 Best Places to Work by Washingtonian Magazine. http://www.ucg.com