CRU has successfully completed a formal internal and external review of its price methodologies and definitions in an annual “Underlying Market Conditions Review” (UMCR).
The review is one of the company’s regular price governance and compliance processes and is therefore a necessary part of our commitment to following industry best practice, enshrined in the IOSCO PRA Principles.
The UMCR involved soliciting the feedback from all CRU price service customers and reviewing this together with internal analysis of market requirements and market evolution. Resulting actions are a set of market-led recommendation for adjustments to our price portfolio, including potential additional prices where value-adding to markets, or equally removal of prices which are no longer valuable. Further, a number of suggestions were made to further develop CRU price methodologies and specifications. Formal market consultations have started as the next step in our price compliance and development work resulting from this review.
We take responsibility to provide the best price through regular review of our methodology, IOSCO adherence, and price governance, compliance and control processes. The UMCR forms an essential part of that framework.
Claire Ballak Compliance Lead
CRU’s Head of Prices Development, Chris Houlden added “The UMCR also helps ensure our prices, and associated price methodology and specifications, remain in line with evolving market requirements. I’d like to thank all our customers who responded to our call for feedback. This will ensure our price portfolio continues to develop in line with market requirements.”