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Regulatory Engagement

In 2015, Ernst & Young was engaged by Platts, TSI's parent company, to conduct an annual independent assurance review of its alignment to the IOSCO Principles for Oil Price Reporting Agencies (IOSCO PRA Principles).

The IOSCO PRA Principles, which set standards for governance and control systems, were introduced by the International Organization of Securities Commissions (IOSCO) and endorsed by the G20 in October 2012.

The latest reasonable assurance review by Ernst & Young was completed in September 2015 and included a comprehensive review of TSI's documentation of its processes for compiling benchmark prices used for iron ore, steel, coking coal and ferrous scrap contracts and observances of its practices in London and Singapore for the period from 1 March to 30 September 2015. This follows the first review that was completed on 28 February 2015.

The results confirmed TSI's alignment to the IOSCO PRA Principles. A reasonable assurance review is the highest standard for such a review.

IOSCO Assurance Review
For a copy of the report prepared by Ernst & Young


CLICK HERE

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Platts acquired the Steel Business Briefing Group, a leading information provider to the global steel market through its two core businesses, Steel Business Briefing (SBB) and The Steel Index (TSI) in July 2011. The acquisition of the SBB Group enables Platts to provide customers and the markets with the benefit of a larger, highly experienced editorial team, a dramatically expanded number of price assessments and a far more expansive product and conference mix. Click here for more information