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IOSCO","demystifying-iosco","article/demystifying-iosco",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":765,"featured":50,"reporter":766,"_editable":770,"component":771,"seo_title":553,"categories":772,"visibility":779,"author_company":49,"featured_image":780,"seo_description":765,"author_full_name":49,"author_job_title":49,"formattedDate":785,"formattedArticleDate":786},"f536c119-1bd3-4794-8789-97581b319005","2019-10-25 00:00",[560],{"slug":561,"name":562},"iosco","IOSCO",[564],{"slug":565,"name":566,"content":567},"matthew-bird","Matthew Bird",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Senior Editor - Supply Chains & Data Visualisation",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":574,"content":575},"doc",[576,583,588,593,602,607,612,617,626,631,636,641,646,651,656,661,669,677,682,690,697,702,707,712,717,722,727,732,737,742,747,752,757],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"IOSCO was a term most in the lithium industry had not heard of until 18 months ago.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"It is something, however, that publishing companies now use as a marketing tool to make people believe they have superior prices and to add credence to their role as a Price Reporting Agency (PRA).",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"Becoming a PRA is the next step in the evolution of industry publications that, most likely, have their origins as monthly magazines.",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596,598,600],{"text":597,"type":582},"Since the lithium price spike of 2017, there has been a rush in publishing to join ",{"text":599,"type":582},"Benchmark Mineral Intelligence ",{"text":601,"type":582},"in the lithium space.",{"type":577,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":582},"Larger publishing companies – some from oil and gas, others from commodities as far reaching as grain and iron ore – did not want to miss out on what Goldman Sachs then called the New Oil.",{"type":577,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":582},"And there is nothing more effective than big headlines to make big publishing houses react.",{"type":577,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":582},"Yet, the lithium industry – a specialist industry in flux – was wise to the lack of specialism with new entrants.",{"type":577,"attrs":618,"content":619},{"textAlign":49},[620,622,624],{"text":621,"type":582},"This gap in the market and a need for a trustworthy, knowledgeable pricing source was identified and acted upon by our team at ",{"text":623,"type":582},"Benchmark Minerals ",{"text":625,"type":582},"over three years prior to this 2017 price surge.",{"type":577,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":582},"It’s why, as a company, we grew so quickly and organically with no outside investment.",{"type":577,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":582},"Then along came IOSCO, a term that created confusion in a lithium industry that did not feel it was yet ready for financial regulations more akin to commodities.",{"type":577,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":582},"It was borne, however, from past sins of larger publishers or “PRAs” rather than any demand from the lithium space.",{"type":577,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":582},"The International Organisation of Securities Commissions (very Wolf of Wall Street, not very lithium) has established a set of principles, the Ten Commandments if you will, for PRAs to operate by.",{"type":577,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":582},"They were designed for oil price reporting agencies to follow after a series of market manipulation allegations that saw the offices of Platts raided.",{"type":577,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":582},"As a result, with big publishers keen to show regulatory adherence, it has become a marketing battle ground: big PRAs trying to outdo other big PRAs to demonstrate compliance with a set of principles designed for industries they (in many cases) don’t even cover.",{"type":577,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":582},"While PRAs tried to use their compliance as a proxy for expertise, the fundamental way in which these companies operated was unchanged: large expansive companies covering a vast array of commodities.",{"type":577,"attrs":662,"content":663},{"textAlign":49},[664,666,667],{"text":665,"type":582},"At the same time, ",{"text":623,"type":582},{"text":668,"type":582},"grew by hiring targeted team members from publishers like Fastmarkets, Wood Mackenzie and Argus Media and from the industry: Tesla, Albemarle, and SQM.",{"type":577,"attrs":670,"content":671},{"textAlign":49},[672,674,675],{"text":673,"type":582},"This was a driven by our founding principle at ",{"text":623,"type":582},{"text":676,"type":582},"that industry experience is central to professionally assessing lithium prices in an accurate and precise way.",{"type":577,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":582},"It is crucial to first understand the industry you are reporting on, and the industry needs to trust the people and the price collection process.",{"type":577,"attrs":683,"content":684},{"textAlign":49},[685,687,688],{"text":686,"type":582},"It is why ",{"text":623,"type":582},{"text":689,"type":582},"has excelled from startup company to number one in our field.",{"type":577,"attrs":691,"content":692},{"textAlign":49},[693,695],{"text":694,"type":582},"Benchmark Minerals Lithium Price Assessments ",{"text":696,"type":582},"are IOSCO-regulated to the highest standard, Type 1 Reasonable Assurance.",{"type":577,"attrs":698,"content":699},{"textAlign":49},[700],{"text":701,"type":582},"This was something we achieved in a short space of time in Q2 2019. Having EY conduct the process added a more robust nature to the way we handle sensitive price data internally.",{"type":577,"attrs":703,"content":704},{"textAlign":49},[705],{"text":706,"type":582},"But what does this actually mean for lithium?",{"type":577,"attrs":708,"content":709},{"textAlign":49},[710],{"text":711,"type":582},"In short, not much.",{"type":577,"attrs":713,"content":714},{"textAlign":49},[715],{"text":716,"type":582},"IOSCO regulates the way the PRAs handle data internally. It does not assess the quality, accuracy or even the number of data points a publisher collects to assess a price.",{"type":577,"attrs":718,"content":719},{"textAlign":49},[720],{"text":721,"type":582},"It is in place to ensure the PRA is doing what it promises in its methodology, not that the methodology is the best fit for a specific industry.",{"type":577,"attrs":723,"content":724},{"textAlign":49},[725],{"text":726,"type":582},"For us this has always sat uncomfortably.",{"type":577,"attrs":728,"content":729},{"textAlign":49},[730],{"text":731,"type":582},"The only way to ensure quality lithium prices that are accurate and precise is to hire trustworthy people from both lithium and publishing worlds.",{"type":577,"attrs":733,"content":734},{"textAlign":49},[735],{"text":736,"type":582},"This creates a brand that is known and trusted by the entire EV supply chain.",{"type":577,"attrs":738,"content":739},{"textAlign":49},[740],{"text":741,"type":582},"It has been at the core of what we have done since the company was founded in 2014: it is a blueprint that is imbedded today and is how we became the lithium industry’s reference and benchmark price.",{"type":577,"attrs":743,"content":744},{"textAlign":49},[745],{"text":746,"type":582},"We could not have achieved our success if it was not for the superb support from all customers that now sit within the EV supply chain (resource developers, miners, chemical producers, battery makers and automotive OEMs) and outside of the active industry (government departments, financial institutions, institutional investors, and oil and gas majors).",{"type":577,"attrs":748,"content":749},{"textAlign":49},[750],{"text":751,"type":582},"We are proud to be in this position today and will continue to invest to expand and strength what we do.",{"type":577,"attrs":753,"content":754},{"textAlign":49},[755],{"text":756,"type":582},"Thank you all for your support.",{"type":577,"attrs":758,"content":759},{"textAlign":49},[760],{"text":761,"type":582,"marks":762},"Simon Moores, Managing Director, Benchmark Mineral Intelligence",[763],{"type":764},"italic","IOSCO was a term most in the lithium industry had not heard of until 18 months ago. It is something, however, that publishing companies now use as a marketing tool to make people believe they have superior prices and to add credence to their role as a Price Reporting Agency (PRA). Becoming a PRA is […]",[767],{"slug":565,"name":566,"content":768},{"job_title":568,"image":769,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f536c119-1bd3-4794-8789-97581b319005\", \"id\": \"\"}-->","article",[773,776],{"slug":774,"name":775},"batteries","Batteries",{"slug":777,"name":778},"critical-minerals","Critical Minerals","private",{"id":49,"alt":781,"name":781,"focus":781,"title":781,"source":781,"filename":782,"copyright":781,"fieldtype":783,"meta_data":784,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/f2808c906b/bm-credit-several-seconds.jpg","asset",{"alt":781,"title":781,"source":781,"copyright":781},"Oct 25, 2019","25th October 2019",[],[],1792765764933]