Press Release: Mysteel - First Chinese commodity business to receive IOSCO assurance for Financial Benchmarks
ABSTRACTLeading Chinese commodity market intelligence agency Mysteel has successfully completed an external assurance review of its iron ore price indices in relation to the IOSCO Principles for Financial Benchmarks.
The review was conducted by the independent auditor Deloitte and involved an examination of the policies and processes through which Mysteel assesses the indices for the international seaborne and domestic portside iron ore market. This includes the 62% Australian fines, 62% Low Alumina fines, 65% Brazilian fines and product brand indices.
Mysteel designed the overarching framework, policies and implementation process to comply with the 19 Principles for Financial Benchmarks set out by the International Organization of Securities Commission. These principles provide guidance on four main areas; Governance; Quality of the Benchmark; Quality of the Methodology and Accountability. The review by Deloitte was completed in conjunction with Mysteel at the end of November 2018.
Mysteel Chairman, Mr. Zhu Junhong, said: “We are proud to be the first commodity company in China to have successfully completed the IOSCO assurance review. This internationally recognised stamp of approval demonstrates Mysteel’s commitment to ensuring we continue to produce robust iron ore indices that the industry can have confidence in. The IOSCO work is part of our focus on continuous improvement, the quality of the data we collect and therefore the quality of the index is a priority for us. ”
Mysteel is the first Chinese commodity business to gain this assurance from an independent third party. The assurance covers 56 of Mysteel’s iron ore indices. A full list of compliant indices is available on request.
A link to the summary IOSCO assurance report is available here.
Mysteel's Iron Ore methodology is available here.
Get our free Mysteel Iron Ore Index Daily report here.
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