Mintec completes fourth IOSCO accreditation

Mintec has announced it has successfully completed an independent review of its proprietary food ingredient and agricultural commodity price assessment process for a fourth consecutive year. The International Organization of Securities Commissions (IOSCO) review encompassed 66 assessments for the company as a whole (including owned brands Urner Barry and Feedinfo) across the agri-food supply chain. Mintec achieved 41 Type 2 and 25 Type 1 assurances across its brands.

IOSCO is recognized as the global standard for Price Reporting Agencies (PRA). The PRA principles ensure the governance and integrity of the price assessment process and provide users with reliable benchmark prices. The 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 and proprietary pricing relating to its processes for assessing market prices for food ingredients and agricultural commodities.

“Mintec’s proprietary prices are widely regarded as the industry standard within the agrifood industry,” said Spencer Wicks, chief executive officer at Mintec. “Our rigorous assessment methodology and 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’s proprietary prices as the basis of their contracts.”