The UK Benchmarks Regulation (BMR) sets out rules to ensure benchmarks used in financial markets are robust, reliable, and transparent. Originally derived from the EU BMR, it applies to benchmark administrators, contributors, and users across the UK.

Benchmarks are widely used to value financial products, measure performance, or track prices. The BMR helps ensure these benchmarks reflect genuine market conditions and are not vulnerable to manipulation.

Our company is authorised as a benchmark administrator under the UK BMR and complies with Annex II, which applies to commodity benchmarks. Annex II is closely aligned with the IOSCO Principles for Oil Price Reporting Agencies (PRAs).

This framework requires us to implement:

• Transparent, documented methodologies
• Strong governance and controls
• Clear use of expert judgment
• Policies to manage conflicts of interest
• Rigorous data collection and review processes
• Transparency Through Benchmark Statements

As required under the BMR, we publish benchmark statements for all in-scope price assessments. These provide clear information on each benchmark’s purpose, methodology, data sources, and oversight.

We are committed to transparency and integrity in benchmark administration. Each statement is regularly reviewed and updated in line with regulatory expectations and market developments.

View our benchmark statements below: