IOSCO assurance
External auditor’s report on the policies, process, and control activities implemented by Expana to ensure that our proprietary price assessment process remains aligned with the principles for Price Reporting Agencies set out by the International Organization of Securities Commissions (IOSCO).
IOSCO assurance at Expana
The International Organization of Securities Commissions (IOSCO) serves as the global standard for financial markets regulations, working to foster an environment that protects industry participants while helping ensure markets operate fairly and with transparency, providing confidence that the information can be regarded as reliable and trustworthy.
When an entity receives IOSCO assurance, it indicates that a qualified third-party has carefully reviewed the entity’s processes and determined they align with IOSCO’s established requirements.
What IOSCO assurance involves
IOSCO sets out industry best practices for commodity price benchmarks. To meet their assurance standards, Expana must undergo a comprehensive third-party audit each year. Our IOSCO process includes:
Independent Review
Annual audit of policies, process controls and sample prices
IOSCO Assurance Report
Our methodology, systems, and policies
Ongoing Compliance
IOSCO assurance is not just a once-a-year process. We instill these principles throughout our daily work.
IOSCO Assurance Report
- Our methodology, systems, and policies
- How we engage with the industry, handle complaints and defend our assessments
- Our rigorous and secure record-keeping
- Expana’s application of its assessment methodology in every assessment it prepares
Ongoing Compliance
- Preparation and verification of our price assessments by trained assessors
- Publication of commentary to explain our assessments to the industry
- Assessor training & development
- Conflict of interest management
- Communicating all changes to methodology, coverage, assessment timelines and corrections to the industry to invite feedback and promote transparency
- Handling queries and complaints regarding our assessments and methodology
Why IOSCO assurance matters in agrifood
When trading in commodities, having access to accurate and trustworthy information is essential for making informed buying and selling decisions. This is where IOSCO assurance provides valuable peace of mind. Expana’s IOSCO-assured Expana Benchmark Prices (EBPs) are developed following recognized global industry best practices, ensuring the information you rely on meets rigorous standards for reliability and accuracy.
Accuracy
Our published methodology prioritizes tradeable and repeatable market levels, ensuring that our prices do not overrepresent any segment of the market.
Timeliness
All EBPs adhere rigorously to a public schedule, ensuring our assessments are always available and up to date.
Independence
Every price point is defensible, unbiased, independently verified by trained market reporters, and transparently constructed with no outside influence.
Validation
All our EBPs are checked by a trained assessor to verify that our methodology has been rigorously applied, ensuring independence and accuracy.
Why Expana is different
Expana is one of only a few Price Reporting Agencies (PRAs) worldwide with IOSCO assurance – and we’re the largest dedicated to agrifood. What sets us apart:
- We apply IOSCO-aligned methodology to all price series, not just those under audit
- Built-in integrity: Our internal systems, training, and documentation were designed with IOSCO assurance in mind from day one
- We are trusted by the agrifood ecosystem across the globe, from procurement teams to producers
| Feature | IOSCO-Assured PRAs | Non-Assured Providers |
| Independent audit | ✅ | ❌ |
| Tested & transparent methodology | ✅ | ❌ |
| Speaking to all sides of the market | ✅ | ❌ |
| Complaint handling & corrections | ✅ | ❌ |
| Peer review process of assessments – a second certified reporter will always check the correct methodology has been followed | ✅ | ❌ |
| No gapping the market – we focus on tradable and repeatable levels | ✅ | ❌ |
What this means for you
Choosing Expana means choosing assured, audited intelligence – built for sourcing, trading, and financial operations.
- Rely on trusted data across regions, markets, and commodities
- Trade with confidence knowing that our unbiased assessments reflect a tradable and repeatable level in the market, independent of market influence
- Access the experienced industry experts that actually make the assessments
IOSCO FAQs
Whats is IOSCO?
The International Organization of Securities Commissions (IOSCO) is the global standard for financial markets regulations.
What is the purpose of IOSCO?
IOSCO regulations are designed to enhance investor protection, ensure markets are fair and efficient, and promote financial stability.
What does IOSCO assurance mean?
IOSCO assurance refers to the independent verification of financial information against global standards. Assurance aims to boost investor confidence by ensuring the reliability and transparency of information provided to the market.
What is the IOSCO compliant methodology?
IOSCO compliance requires an independent, third-party audit, a comprehensive assurance report and ongoing, consistent compliance. You can find our IOSCO Assurance Report, available here covering:
- Our methodology, systems, and policies
- How we engage with the industry, handle complaints and defend our assessments
- Our rigorous and secure record-keeping
- Expana’s application of its assessment methodology in every assessment it prepares