IOSCO Certification
HARBOR’s Pricing and Risk Management Unit has received full certification by Bovill, an independent and highly-renowned consulting firm, for compliance with the requirements set by the International Organization of Securities Commissions (IOSCO) for Price Reporting Agencies.
The Principles for Financial Benchmarks” (the “Principles”), as published by the International Organization of Securities Commissions (“IOSCO”) on 17 July 2013, are set to ensure that commodity benchmark price reporting policies, procedures, controls, and oversight framework meets the highest standards.
This process and principals are intended to promote the reliability of Benchmark determinations, and address benchmark governance, quality and accountability mechanisms for each benchmark reference price.
The areas assured by the IOSCO Principles include governance structures, controls, editorial integrity, and conflict management processes in relation to the creation of commodity benchmark price assessments. Please visit Bovil for more details.
Independent Compliance Statement
HARBOR has engaged Bovill, an independent regulatory compliance consultancy to review its compliance with the IOSCO Principles.
Assurance Report Request
HARBOR engaged Bovill Limited, an independent regulatory compliance consultancy, to review its compliance with the Principles. Bovill Limited has prepared and approved this compliance statement.
The report should be read in full to understand the procedures performed, the conclusions reached and any limitations.
HARBOR Aluminum’s Pricing Unit has published the Independent Assurance Report for informational purposes only, and accepts no duty of care or responsibility to the recipient or any other party into whose hands this report may come, and you are not permitted to copy or forward the report or any part of it to any other parties.
By requesting this Report, you agree that you will access and use the Report only for your internal and non-commercial purposes. You acknowledge and agree that you shall not use the Report as the basis of a claim against HARBOR Aluminum or its affiliates.
DOWNLOAD THE INDEPENDENT COMPLIANCE STATEMENT HERE
HARBOR’s Methodology
Representative Market Price Discovery
HARBOR Pricing Unit’s Benchmark Prices are discovered through representative samples of actual transactional data gathered from aluminum end users, producers and traders.
Exclusively Transactions
Solely backed by activity and concluded business transactions only. Quotations, forecasts, bids/offers are not considered given their lack of a consensual price agreement between purchasing and selling parties. This transactional focus is what sets HARBOR’s benchmark reference prices apart for other Price Reporting Agencies, while other companies reference prices rely heavily on “Bids & Offers”, which at times are prioritized and take precedence over actual transactions, HARBOR price adjustments are based solely on actual confirmed physical transactions.
Committee Decision and Assessment Publication
An independent Price Assessment Committee considers all available discoverable transactional market information and resolves by consensus whether the presented data fully complies with HARBOR’s Methodologies and indicates the final premium assessment for immediate publication.
Assessment Maintenance and Review
The HARBOR Aluminum Index Oversight Committee is responsible for the oversight of all aspects relating to the provision of benchmarks administered by HARBOR Aluminum. This oversight body carries out at a minimum bi-annual reviews of all components of HARBOR’s Methodologies.
Recent IOSCO Certified Methodologies
US MW P1020 Ingot Duty-Paid Consumer-Supplier Spot Transaction Premium
US 6063 Billet Delivered Spot Transaction Upcharge
US Used Beverage Cans Spot Price
HARBOR Pricing Unit Governance Policies
The following documents are available to all subscribers and stakeholder upon request. Please contact us at compliance@askharbor.com for more details.
- Guidelines on the Hierarchy of data inputs
- Guidelines on exercise of expert judgement
- Summary of periodic reviews where material revisions have been made to a Benchmark
- Methodologies
- Rationale of any proposed material changes to its methodology
- Complaints policy and procedures
- Complaints that result in a change in a Benchmark determination (these should be Published or Made Available to Subscribers and Stakeholders)
- Policy statement on Transparency of Benchmark determinations
- Transition and cessation policy and procedures
- Methodology changes policy and procedures
- Code of conduct for submitters
HARBOR Aluminum - Pricing Unit
8601 Ranch Road 2222, Bldg. 1, Ste. 280, Austin, TX, 78730 USA
pricing@askharbor.com
North America: +1 (512) 640-4363
LATAM: +52 (81) 8363-8356