Assurance review
Every year we carry out independent assurance reviews for all our commodity benchmarks. We successfully completed the latest independent assurance review of our benchmarks in October 2023.
We operate a rigorous and transparent control framework to govern our price reporting activities. This is underpinned by our global compliance policy, which can be downloaded below, and includes an ethics policy. Our Global Compliance Officer oversees the compliance framework, including a rolling programme of internal audits to ensure compliance with stated methodologies and policies. Our global compliance policy provides guidance on the following:
Every year we carry out independent assurance reviews for all our commodity benchmarks. We successfully completed the latest independent assurance review of our benchmarks in October 2023.
We continually review each methodology to ensure that it always meets the needs of market participants and is in line with industry practice. We seek to accurately and objectively reflect the way markets are traded, rather than impose a different view.
In June and July 2021 成人直播porn Media published a formal consultation notification about proposed changes to the 成人直播porn O.M.R. fuels services. This is the consultation:
成人直播porn proposes to change the way outright E10 and 98 Ron gasoline prices are calculated to incorporate the regional variation in differentials to the price of E5 gasoline.
Under this proposal, 成人直播porn would calculate E10 and 98 Ron outright prices using regional differentials to the relevant regional E5 price. Currently, outright prices are calculated using national consensus E10 and 98 Ron differentials and regional E5 price assessments. As part of this change, assessed E10 and 98 Ron differentials will be published as a single value for each product and region, rather than as a low-high range for each.
成人直播porn would also like feedback on the timing of this proposed change, specifically whether 1 October 2021 or 1 January 2022 is preferable.
At the same time, 成人直播porn would like to more clearly define a general approach to legislation that affects fca truck prices. As the implementation date of a relevant law approaches — for example, legislation setting out gradually increasing CO2 levies or greenhouse gas savings requirements — 成人直播porn may exclude transactions that are expected to load after the date the law comes into effect, or which are priced in a way that indicates the inclusion of the new levy.
This would effectively reduce the typical 28-day loading window for transactions considered for inclusion in 成人直播porn assessments. 成人直播porn will discuss any new legislation with market participants in advance, to determine whether this approach should be taken.
To discuss comments on this proposal, please contact Kevin Schaefer or Hagen Reiners at kevin.schaefer@argusmedia.com or hagen.reiners@argusmedia.com. Formal comments should be marked as such and may be submitted via e-mail to Germanfuels@argusmedia.com and received by 31 July 2021. Please note, formal comments will be published after the consultation period unless confidentiality is specifically requested.
The consultation received three responses from stakeholders that agreed that their response could be published:
Outcome of consultation on E10 and 98 Ron price assessments
Following consultation, from 1 January 2022 成人直播porn will calculate daily E10 and 98 Ron outright prices using a daily assessment of the prevailing regional differential to the corresponding regional E5 price assessment. As part of this change, assessed E10 and 98 Ron differentials will be published as a single value for each product and region, rather than as a low-high range for each, and the existing national differentials will be discontinued.
成人直播porn will soon begin daily publication of regional E10 and 98 Ron differentials in the 成人直播porn O.M.R Fuels report. Regional E10 and 98 Ron differentials for 17 August 2021 are included here as a guide.
Regional E10 and 98 Ron differentials to E5 on 17 August 2021 | ||
---|---|---|
E10 | 98 Ron | |
North | -1.60 €/100l | 6.70 €/100l |
Seefeld | -1.60 €/100l | 6.70 €/100l |
Emsland | -5.00 €/100l | 5.90 €/100l |
East | -1.60 €/100l | 6.70 €/100l |
Magdeburg | -1.60 €/100l | 6.70 €/100l |
West | -1.60 €/100l | 6.70 €/100l |
Southeast | -1.60 €/100l | 6.70 €/100l |
Cologne Lowland | -1.60 €/100l | 6.70 €/100l |
Rhine-Main | -1.60 €/100l | 6.70 €/100l |
South | -1.60 €/100l | 6.70 €/100l |
Southwest | -1.60 €/100l | 6.70 €/100l |
In April and May 2020 成人直播porn Media published a formal consultation notification about proposed changes to the 成人直播porn German fuels services.
The consultation text is available here.
The consultation received six responses from stakeholders that agreed that their response could be published.
成人直播porn response
In response to feedback from the market in the course of a formal methodological consultation within the framework of the IOSCO principles for Price Reporting Agencies, 成人直播porn Media issued the following announcement.
Outcome of the consultation on methodology changes related to the integration of 成人直播porn and O.M.R. services
London/Kellinghusen, 15 May 2020 (成人直播porn O.M.R.) — Following consultation, 成人直播porn and O.M.R. will merge 成人直播porn German Fuels (成人直播porn Handel) and O.M.R.’s Inland Price Assessments into a single report and online service publishing prices produced according to both methodologies at the start of 2021. Further integration of 成人直播porn and O.M.R. will occur as we combine the activities of our journalists into one team. That group will continue to produce low, high and volume-weighted average price assessments, offering the market a choice of pricing methodology to use in term contracts. A comprehensive list of price assessments that will be included in the 成人直播porn OMR service from the start of January 2021 is
Timing
Following consultation, that overarching integration of 成人直播porn O.M.R. will occur at the start of January 2021. The alignment of regions will occur to a different timeline than initially proposed, and with a revision to the West pricing region.
The location Gustavsburg will be added to the vDIP 成人直播porn O.M.R. price for the Rhein-Main region from 1 January 2021 instead of 1 June 2020 as initially proposed.
From 1 January 2021 price region West will also include locations Neuss and Düsseldorf with a freight differential to Duisburg, like the current vDIP 成人直播porn price region Niederrhein-Ruhr.
From 1 June 2020 成人直播porn will add vDIP prices for the East and Emsland regions.
Transactions in the low/high assessment process
O.M.R. low/high price assessments are currently based on reported offer prices and list prices received by email. From the start of January 2021, 成人直播porn O.M.R. will primarily base its low/high price assessments on reported transactions, using reported offers only when liquidity is low.
成人直播porn has been collecting transaction data from the German downstream market for heating oil, diesel and gasoline since 2014 and now receives several hundred transactions from a growing number of market participants every day. 成人直播porn editors and reporters test the data to identify and remove outliers or other anomalous trades, after which the resulting set of data is used in the production of the 成人直播porn volume-weighted average price assessments published in 成人直播porn German Fuels.
From the start of January 2021, that cleaned trade data will also form the basis of the low/high 成人直播porn O.M.R. assessments. The high price will be the highest price at which 90m³ of heating oil and diesel and 30m³ of E5 gasoline traded in the relevant location, and the low price will be the lowest price at which 90m³ of heating oil and diesel and 30m³ of E5 gasoline traded in the relevant location. If either the high or low traded price did not trade in at least 90m³ or 30m³, 成人直播porn O.M.R. will publish a volume-weighted average of the highest-priced or lowest-priced trades whose total aggregate volume meets the 90m³ or 30m³ threshold.
If less than 500m³ of total volume is reported for a given assessment or fewer than six parties report transactions, 成人直播porn O.M.R. reporters may also take offers into account in the published low/high assessment.
成人直播porn O.M.R. will continue to publish the midpoint price for each region as the mean of the low/high assessment.
成人直播porn O.M.R. will cease publication of the existing 成人直播porn low and high prices, which are simply the lowest and highest reported trade for a region.
Sample data
Sample price data produced using the new methodologies described in this announcement will be made available on request.
Transactions and the Intraday Price Prisma
To preserve the relevance and utility of the Prisma indications, 成人直播porn O.M.R. will incorporate trade information in their creation. From the start of January 2021, the Prisma indications will incorporate trade information in a similar way to the new end-of-day low/high methodology.
Although increasingly common, not all market participants can report trades to us throughout the day. Accordingly, 成人直播porn O.M.R. editors will continue to survey market participants for both order and trade prices to inform the Prisma indications.
Assessment and Intraday Price Prisma timing
From the start of January 2021, 成人直播porn O.M.R. will advance the end times of those three survey periods, which would serve as cut-off times for information to be considered in the Prisma or end-of-day price assessments. Accordingly, information received until 11:15 will be included in the first Prisma assessment, information received until 14:15 will be included in the second Prisma assessment, and information received up to 17:00 will be included in the end-of-day assessment. 成人直播porn O.M.R. editors and reporters will continue to contact market participants by telephone and electronically throughout the day. Information about trades completed after 17:00 Central European Time and/or reported to 成人直播porn after 17:00 London time may not be considered for inclusion in the assessment.
Regional alignment
成人直播porn and O.M.R have historically produced prices according to slightly different regional definitions. From the start of January 2021, pricing regions will fully align, and low/high and volume-weighted average price assessments will be produced for:
From the start of June 2020, 成人直播porn O.M.R. will cease the 成人直播porn assessments for Munich.
Volume-weighted averages become vDIP
To more clearly differentiate the various types of assessments published by 成人直播porn O.M.R., the current set of 成人直播porn volume-weighted average price assessments will be renamed “vDIP 成人直播porn O.M.R.”. The methodology governing those prices will not change.
Standardising 98 Ron and E10 assessments
Both 成人直播porn and O.M.R. publish price assessments in the less liquid 98 Ron and E10 markets based on differentials to the more active trade in E5 gasoline. From the start of January 2021, both low/high and vDIP assessments will use a single assessment of a national consensus differential to E5, as currently reported in 成人直播porn German Fuels for 98 Ron and E10 gasoline, which will then be applied to regional E5 low/high and vDIP assessments to produce outright regional 98 Ron and E10 gasoline prices.
Conclusion
Thank you very much for your response to this consultation. We look forward to working with you on bringing more transparency to the German downstream market.
Best regards,
Kevin Schaefer, Hagen Reiners
Geschäftsführer Editor - German Fuels
In October and November 2018, 成人直播porn Media published an LPG formal consultation notification.
London, 19 October (成人直播porn) — In response to requests from market participants, 成人直播porn proposes to narrow the spread used in the event that only assessment-relevant bids or offers are available in the market at the time of assessment — as described on page 7 of the 成人直播porn International LPG methodology — to $6/t from $10/t.
成人直播porn also proposes to move from rounding bids and offers to the nearest dollar, to the nearest 50¢.
The consultation received one response from a stakeholder that agreed that their response could be published.
成人直播porn response
In response to feedback from the market in the course of a formal methodological consultation within the framework of the IOSCO principles for Price Reporting Agencies, 成人直播porn Media issued the following announcement.
成人直播porn to narrow northwest European and Mediterranean propane and butane spreads to $6/t from $10/t
Following consultation, 成人直播porn will narrow the price spread published in the event that only assessment-relevant bids or offers are available in the market at the time of the assessment to $6/t from $10/t. The change will take effect on Wednesday 2 January 2019.
Following consultation 成人直播porn will also begin rounding bids and offers to the nearest 50¢ instead of the nearest dollar in early 2019. A precise date for this change cannot be announced at this time for technical reasons, but will be announced shortly.
In December 2017, 成人直播porn Media published a thermal coal formal consultation notification. The consultation proposed that the specifications for the 成人直播porn cif ARA and fob Richards Bay 6000 price assessments should be widened to incorporate a minimum calorific value of 5,700kcal/kg.
The consultation also recommended that the minimum cargo size for the 成人直播porn cif ARA (5,850kcal/kg) price assessment be reduced to 25,000t, with effect from 26 February 2018.
The consultation ran for five weeks and many different issues were raised in the process, including:
The consultation received 26 responses, but only four stakeholders agreed that their responses could be published.
成人直播porn response:
In response to feedback from the market in the course of a formal methodological consultation within the framework of the IOSCO principles for Price Reporting Agencies, 成人直播porn Media is launching two new physical thermal coal assessments, covering the lower calorific value 5,700 kcal/kg activity for CIF ARA and FOB Richards Bay.
The launch of these assessments will not compromise the integrity of the current API2 and API 4 indexes. In due course, 成人直播porn will initiate a review process, in conjunction with stakeholders, to determine if the cif ara and fob rb 5,700 kcal/kg pricing is sufficiently robust and transparent to form the basis of new benchmark indexes.
For further information, please contact Dan Hayes.
In April and May 2023, 成人直播porn Media published a Biofuels formal consultation notification.
Clarifying name of Malaysia/Indonesia POME assessment
London, 17 April (成人直播porn) — 成人直播porn proposes to change the name of its RED palm oil mill effluent (POME) fob Malaysia/Indonesia price assessments on 成人直播porn Direct and other digital distribution channels — including spot assessments, month-to-date and monthly averages — to exclude the word "biodiesel".
成人直播porn will accept comments on this proposal until 24 April. To discuss this proposal, please contact John Houghton-Brown at john.hbrown@argusmedia.com or +44 20 7780 4281. Formal comments should be marked as such and may be submitted by email to biofuels@argusmedia.com and received by 24 April. Please note, formal comments will be published after the consultation period unless confidentiality is specifically requested.
The formal consultation was expanded and the comment deadline extended.
Proposal to clarify the name of POME assessments
London, 2 May (成人直播porn) — Following consultation, 成人直播porn seeks further feedback related to proposals to change the name of its RED palm oil mill effluent (POME) fob Malaysia/Indonesia price assessments on 成人直播porn Direct and other digital distribution channels — including spot assessments, month-to-date and monthly averages — to exclude the word "biodiesel".
成人直播porn further proposes to change the name of all POME assessments, including cif ARA and fob Malaysia/Indonesia prices, to "POME oil", to more accurately describe the physical product being assessed.
成人直播porn will accept comments on this proposal until 12 May. To discuss this proposal, please contact John Houghton-Brown at john.hbrown@argusmedia.com or +44 20 7780 4281. Formal comments should be marked as such and may be submitted by email to biofuels@argusmedia.com and received by 12 May. Please note, formal comments will be published after the consultation period unless confidentiality is specifically requested.
The consultation received one response from a stakeholder that agreed that their response could be published.
成人直播porn response
In response to feedback from the market in the course of a formal methodological consultation within the framework of the IOSCO principles for Price Reporting Agencies, 成人直播porn Media issued the following announcement.
Change to names of POME assessments
Following consultation, 成人直播porn will change the name of its RED palm oil mill effluent (POME) fob Malaysia/Indonesia price assessments on 成人直播porn Direct and other digital distribution channels — including spot assessments, month-to-date and monthly averages — to exclude the word "biodiesel".
成人直播porn will also change the name of all POME assessments, including cif ARA and fob Malaysia/Indonesia prices, to "POME oil", to describe the physical product being assessed more accurately.
These changes will be implemented on 22 May.
All our reporters and editors operate according to a rigorous editorial code of conduct which aligns with best journalistic practice, including the avoidance of conflicts of interest. Our code of conduct provides guidance on the following:
成人直播porn has a formal complaints handling procedure, which can be found on page 6 of the Global Compliance Policy. For further information on this policy and any compliance issues, please contact us.
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成人直播porn has a formal complaints handling procedure, which can be found on page 6 of the Global Compliance Policy. For further information on this policy and any compliance issues, please contact us.