PricewaterhouseCoopers LLP (PwC) have recently completed the third independent assurance audit of Baltic Exchange Information Services Ltd (BEISL) Ocean Bulk indices.
BEISL commissions this audit to ensure the way it measures ocean bulk freight markets remains robust while international and national regulations, guidelines and principles are comprehensively adhered to.
The in-depth report includes a reasonable assurance opinion by the independent auditor over the design and operating effectiveness of Baltic Exchange’s controls for its market benchmark services, including data collection, systems and processes, calculations and publishing.
The opinion provided by PwC was issued over the Baltic Exchange’s controls for the 12 month period 1 January 2022 to 31 December 2022 in relation to the requirements set down within the UK Benchmarks Regulation, the IOSCO Principles for Financial Benchmarks, the IOSCO Principles for Oil Price Reporting Agencies as well the Baltic’s own Guide to Market Benchmarks
Baltic Exchange Chief Executive, Mark Jackson said:
“The Baltic Exchange has continued to provide reliable assessments for our users throughout 2022 amid continued market turbulence. This report from PWC once again provides confidence to users that Baltic Exchange data is audited, verifiable and completely independent. We remain fully committed to investing in our industry leading information services.”
Baltic Exchange Head of Benchmark Production, Matthew Cox, added:
“Quality commercial data, which can be relied upon to settle physical and futures contracts, is a key foundation of the Baltic Exchange’s offering to users. The Baltic Exchange was an early adopter of Benchmarks Regulation and we continue to maintain high standards across the industry.”
While there is no regulatory requirement for this audit to be undertaken, BEISL believes an independent assessment from a respected and widely recognised audit firm is in the best interests of our various stakeholders, clients and the valued users of our indices.
Source: Hellenic Shipping News
