London and New York - Markit, the provider of financial information services, has acquired an interest in commodity markets research and price reporting agency PRIMA.
Nathan Amery, head of commodities at Markit, said: "Commodities producers, traders and consumers are demanding greater transparency in commodity benchmarks and more accountability from benchmark publishers. Utilising our deep benchmark expertise, Markit will help ensure that PRIMA is ideally positioned to provide an alternative to traditional oil and agricultural pricing resources."
Matthew Stone, managing director at PRIMA, said: "Commodities trading participants are eager for change and renewal in benchmarking and research activities. We see this partnership as a tremendous opportunity to increase our pace and scope of growth across the commodities spectrum."
PRIMA's price assessment service provides benchmarks for niche markets in renewable commodities. PRIMA has developed its own proprietary pricing software to eliminate some of the existing methodological flaws which can distort price assessments away from unbiased fair value (PRIMA Discovery).