Mintec completes third IOSCO accreditation for proprietary agrifood commodity prices

Mintec is proud to announce the third successful completion of an independent review of its proprietary food ingredient and agricultural commodity price assessment process. The IOSCO (International Organization of Securities Commissions) review encompassed 21 key benchmark price assessments to receive the Type 2 IOSCO assurance across plant proteins, nuts, oils, spices, softs, meats and dairy.

Urner Barry, newly combined with Mintec to form the largest agrifood PRA, is also proud to achieve third-party assurance of IOSCO Type 2 compliance for key benchmark price assessments. Furthermore, Urner Barry announced Type 1 assurance on an expanded list of benchmark items, including protein, seafood and eggs.

Additionally, Feedinfo, now also part of Mintec, had its price assessment process independently verified for the second consecutive year and achieved the gold standard Type 2 assurance for amino acid and vitamin price indices globally. Ten amino acid and vitamin price indices were tested across Asia, Europe, and North America.

Spencer Wicks, CEO of Mintec, said, “Mintec is proud to have successfully completed its third IOSCO audit. The second successive IOSCO assurance reflects our ongoing commitment to run our business with integrity and the highest standards of governance. The accreditation, along with the recent acquisition of AgriBriefing and its brands, including Urner Barry and Feedinfo, cements Mintec as the largest food-focused IOSCO-assured PRA.”

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 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.

IOSCO is the international body that brings together the world’s securities regulators and is recognized as the global standard setter for Price Reporting Agencies (PRA). IOSCO’s PRA principles ensure the governance and integrity of the price assessment process and provide users with reliable benchmark prices. Together, Mintec, Urner Barry, and Feedinfo are proud to receive this latest testament which reaffirms their commitment to excellence in price reporting and market intelligence.

Marcel Goldenberg, Director of Commodity Insights 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 market-leading number of IOSCO-assured assessments allow for risk management opportunities in the food-commodity community 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 21 prices that received Type 2 IOSCO assurance across plant proteins, nuts, oils, spices, softs, meats and dairy (Click to enlarge the list of IOSCO assured Mintec Benchmark Prices).

Email [email protected] to request a copy of the assurance report.

For further information, please contact Marcel Goldenberg, Director of Commodity Insights, at [email protected]

Please click here to view the methodology and specifications for Mintec Benchmark Prices.