PIX Methodologies & Policies
This section includes documents outlining the PIX index methodologies for the PIX Pulp Europe and China indices, as well as PIX Recovered Paper Europe Indices – which to feasible parts will be made applicable to other PIX price indices. This page also includes a set of FOEX policy documents designed to make Fastmarkets FOEX index procedures more robust. These documents are based upon the IOSCO Principles for Price Reporting Agencies. (IOSCO - International Organization of Securities Commissions: www.iosco.org).
PIX PULP EUROPE METHODOLOGY AND SPECIFICATIONS
PIX PULP CHINA METHODOLOGY AND SPECIFICATIONS
PIX RECOVERED PAPER EUROPE METHODOLOGY AND SPECIFICATIONS
PIX FOREST BIOMASS FINLAND METHODOLOGY AND SPECIFICATIONS
FOEX/RISI CONFIDENTIAL CONTRIBUTED DATA PROTECTION PROTOCOL
FOEX – CONFLICT OF INTEREST POLICY
Fastmarkets FOEX is in the process of aligning its index procedures with IOSCO’s Principles for Oil Price Reporting Agencies (the “PRA Principles”). As part of this process, we will carry out an external audit by an independent auditing company of one PIX index methodology each year. In 2018, Fastmarkets FOEX also introduced a new Data Submitter policy to replace formal audits of price providers.
Coverage Notes
Coverage Notes are notifications of changes to price coverage, methodology and index specifications as well as introductions of new PIX indices.
COVERAGE NOTE: Changes to US Newsprint Coverage - Consultation
In view of changes on the US newsprint market, Fastmarkets FOEX proposes a number of updates to its PIX US Newsprint indices.
1. Since the US newsprint market has shifted towards lighter basis weights, Fastmarkets FOEX proposes to discontinue price assessments for PIX US Newsprint (30 lb/48.8 g). We would continue to publish the PIX US Newsprint 27.65 lb (45 g).
2. As newsprint of lower brightness has become more common, Fastmarkets FOEX proposes to adjust its current specifications from 58-60 ISO to 55-58 ISO.
3. Fastmarkets FOEX currently tracks US newsprint delivered to the east coast. We are investigating whether to include deliveries to the west coast in one single US Newsprint index. Fastmarkets FOEX encourages market participants to submit feedback on such a potential change.
The following price series would be affected:
PIX US Newsprint (30 lb/48.8 g)
PIX US Newsprint 27.65 lb (45 g)
The changes #1 and #2 would likely be implemented at the start of 2020. Depending on the feedback received, we will evaluate how to move forward with #3.
Fastmarkets FOEX is inviting feedback on these proposals by July 31st, 2019. To comment, please email hello.foex@fastmarkets.com indicating “PIX US Newsprint” in the subject line of the email.
COVERAGE NOTE: Changes to PIX Forest Biomass Finland – Final Decision
HELSINKI, May 24, 2019 (PIX Bioenergy and Wood Indices) – Following a market consultation with no objections to the proposal received, Fastmarkets FOEX would like to confirm the following changes to its PIX Forest Biomass Finland index and its sub-indices with no material changes:
PIX Bioenergy and Wood Indices:
- Specify the eligible price definition concerning longer than 12-month transactions
- Detail the eligible price definition concerning indexed prices
- Define the grade classification using Fuel Classification 2019 by Statistics Finland
- Specify the delivery terms to DDU, unloaded at buyer’s plant/ TOP Finnterms
- The specifications will be in English, with a Finnish summary including all parts concerning price reporting practices available
Outside of the specifications themselves, Fastmarkets FOEX will replace the unofficial logging residue & unpruned stem chip number in the monthly letter with only logging residue number, and considers publishing a separate sub-index for that in the future. Also, regional collection and publishing for the indices will be considered and developed further.
For queries, please email hello.foex@fastmarkets.com, indicating “PIX Forest Biomass Finland Index” in the subject line of the email.
Change in the publishing time of the PIX Pulp & Paper indices - Notice of Implementation
As previously announced, Fastmarkets FOEX will concentrate the publishing time of all PIX indices to 12 noon EET (Helsinki time) on Tuesdays with the effect from April 1, 2019.
This change was subject of consultation and is meant to streamline operations and better serve clients with one publishing time for all Fastmarkets FOEX deliverables.
This change will affect the publishing of the following PIX indices:
Current publishing at 9 am EET:
- PIX Pulp China BHKP Net
- PIX Pulp China NBSK Net
Current publishing at 9 am EST:
- PIX Pulp US NBSK
- PIX US Newsprint
- PIX US Newsprint 27.65 lb
For comments or queries, please email: hello.foex@fastmarkets.com, indicating “Change in publishing times” in the subject line of the email.
Proposed change in the publishing time of the PIX Pulp & Paper indices - Consultation
PIX Recovered Paper Europe Indices - Starting from March 1, 2019, Fastmarkets FOEX launches PIX RECOVERED PAPER EUROPE METHODOLOGY AND SPECIFICATIONS including PIX Recovered Paper Germany indices
4.2 and 4.2.1 revised to reflect the new Data Submitter Policy (DSP) document replacing formal audits of the price data providers
4.2.2 Added sentence about auditing of FOEX calculation procedure and methodology
4.2.3 Auditing - (of price data providers) section has been deleted
6.2. Weighting - section has been shortened
PIX Recovered Paper Europe Indices - Starting from April 1, 2018, FOEX launches new PIX RECOVERED PAPER EUROPE METHODOLOGY AND SPECIFICATIONS
Changes to PIX China Indexes - This coverage note confirms that FOEX will cease publishing the old PIX Pulp China indices from January 2018 onwards and continue only with the PIX Pulp China Net Indexes for NBSKP and BHKP.
PIX Pulp China Net Indices – Starting on April 4, 2017, FOEX will begin publishing new weekly net price indices for NBSK and BHKP in China. The previous PIX Pulp China price indices will continue to be published in the weekly email to subscribers alongside the new PIX Pulp China net price indices until further notice and likewise in the online weekly report “PIX Pulp China letter”. More information about new net price indices available at PIX PULP CHINA METHODOLOGY AND SPECIFICATIONS
