Global financial information services provider Markit announced on May 6 that it had acquired a stake in UK-based commodity market research and price intelligence agency Prima Markets. Uni which, since its creation in 2014, has focused on the interface between biofuels, energy and agricultural markets.
“Commodity producers, traders and consumers are demanding greater transparency in commodity benchmarks and greater accountability from benchmark publishers,” said Nathan Amery, Chief Commodity Officer. premieres at Markit. “With our deep benchmarking expertise, Markit will help ensure that Prima is uniquely positioned to provide an alternative to traditional oil and agriculture pricing resources.”
According to Markit, Prima’s pricing service provides unbiased benchmarks for global renewable commodity niche markets. Prima has developed proprietary pricing software – Prima Discovery – to eliminate methodological flaws that can skew price assessments from unbiased fair value, the company said.
“Commodity trading participants are hungry for change and renewal in benchmarking and research activities,” said Matthew Stone, Prima’s Managing Director. “We see this partnership as a tremendous opportunity to increase our pace and scope of growth across the entire commodity spectrum.”
Although Markit only made the announcement on May 6, Prima staff had been working from Markit offices in London, Singapore and Chicago since the start of the year, covering a wide range of international renewables and other markets.