CRU completes independent assurance review for its leading Alumina Price Index (CRU-API)

CRU has announced the successful completion of the independent assurance review for its leading, transaction-only based, CRU-API (Alumina Price Index) price. The review was carried out by independent professional services company PricewaterhouseCoopers LLP (PwC). This report was prepared to establish CRU’s adherence to the International Organization of Securities Commissions' (IOSCO) Principles for Oil Price Reporting Agencies.

The independent third party research has demonstrated that the CRU-API is used widely in the settlement of physical contracts. CRU’s Alumina Price Index will now also be used in the settlement of the London Metal Exchange's new cash-settled Alumina futures contract which was launched on 11 March 2019.

"CRU's report demonstrates its ongoing commitment to providing the most robust price benchmarks for physical and derivative markets through a range of strong and appropriately designed policies and procedures in accordance with the requirements of the IOSCO Principles." CRU Group CEO David Trafford said.

CRU's Compliance Lead Claire Ballak reiterated that CRU prices are governed by correct structures, operation of processes and application of the best and most appropriate methodologies and added that the market intelligence group will continue to invest in their compliance function, analysts, systems and independent external review and assurance for reliable price assessments.