Baltic exchange audited and approved
Since the Wirecard scandal, reliable auditing has become a major issue. Now Pricewaterhouse Coopers (PwC) has carried out the first annual audit to test the design and operating effectiveness of the Baltic Exchange’s controls for its market benchmark services. The 73-page report audited the controls implemented by the Baltic Exchange in relation to the bulk freight market.
The Baltic Exchange has been an affiliate of the Singapore Exchange (SGX) since 2016. Founded in 1744, it is headquartered in London with regional offices in Singapore, Shanghai, Athens, Stamford and Houston.
PwC verified the Exchange’s compliance with the UK Benchmarks Regulation, the Iosco principles for financial benchmarks, the Iosco principles for oil price reporting agencies and the Baltic’s own guide to market benchmarks.
Baltic Exchange chief executive Mark Jackson concludes: “This report provides further assurance to the users of Baltic Exchange data that they are settling trades and making important commercial decisions based on information which is audited, verifiable and completely independent." (cd)