Press Release: Mysteel - First Chinese commodity business to receive IOSCO assurance 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.
China's Jan-May steel, raw materials foreign trade statistics
Jun 09, 2022 15:24
China's Jan-Apr steel, raw materials foreign trade statistics
May 09, 2022 13:55
China's Jan-Mar steel, raw materials foreign trade statistics
Apr 13, 2022 17:00
China's Jan-Feb steel, raw materials foreign trade statistics
Mar 07, 2022 14:30
China releases specific targets for steel industry by 2025
Feb 08, 2022 12:30