LONDON, UNITED KINGDOM, January 13, 2022 /EINPresswire.com/ — Mintec, a leading provider of benchmark prices and analysis for the commodity markets, today announced the second successful completion of an independent review of its proprietary food ingredient and agricultural commodity price assessment process. The audit, undertaken by professional services firm BDO, confirms that Mintec’s governance and controls framework, policies and price reporting practices align with IOSCO’s Principles for Price Reporting Agencies (PRAs) and saw 21 assessments IOSCO assured.
Spencer Wicks, CEO of Mintec, said, “Mintec is proud to have successfully completed its second IOSCO audit. The second successive IOSCO assurance reflects our ongoing commitment to run our business with integrity and the highest standards of governance and cements Mintec as the largest food-focused IOSCO compliant PRA.”
Marcel Goldenberg, Head of Proprietary Pricing at Mintec, added, “Our Mintec Benchmark Prices [MBP] have established themselves as the go-to pricing Benchmark in the food-commodity world. Our rigorous assessment methodology and the increasing number of MBP that are IOSCO assured in the food-commodity industry allows for risk management opportunities in areas that were previously unserved by existing financial instruments. This is underlined by the strong interest from the risk management industry to use Mintec Benchmark Prices as the basis of their contracts.”
The review encompassed 14 prices that received the Type 2 IOSCO assurance and a further 7 prices that received Type 1 IOSCO assurance across plant proteins, nuts, oils, spices, softs, meat and dairy (Click to enlarge list of IOSCO assured Mintec Benchmark Prices).
The BDO review was undertaken to meet IOSCO’s recommendation that PRAs engage an external auditor to review and report on their adherence to its own stated methodology criteria and the requirements of the IOSCO PRA Principles. The review included a comprehensive evaluation of Mintec’s documentation relating to its proprietary pricing processes for assessing market prices for food ingredients and agricultural commodities.
A copy of the assurance report can be downloaded here.
For further information please contact Marcel Goldenberg, Head of Proprietary Pricing at [email protected]
To view the methodology and specifications for Mintec Benchmark Prices please click here.
About Mintec
Mintec enables the world’s largest food, CPG and manufacturing brands to implement more efficient and sustainable procurement strategies. We do this through our cutting-edge SaaS platform, Mintec Analytics, which delivers market prices and analysis for more than 15,000 food ingredients and associated materials. Our data and tools empower our customers to understand prices better, analyse their spend and negotiate with confidence.
More Information
For information on Mintec Analytics data, analytical tools, or market insight, contact David Bateman, Global Head of Marketing on +44 (0) 1628 642762 or email: [email protected]
Website: www.mintecglobal.com
UK: Sales +44(0) 1628 642 482
US: Sales +1(972) 897 7494
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David Bateman
Mintec
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Mintec Analytics – Commodity Price Platform
