May 5, 2021

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Benchmark Regulation

The EU 2016/1011 Benchmark Regulation requires that benchmarks used in the EU are managed by a Benchmark Administrator. NOREXECO was approved as a Benchmark Administrator by the Norwegian Financial Supervisory Authorities on 30 March 2021.

NOREXECO is the Benchmark Administrator for the NOREXECO Shanghai Final Index, the NSFI. The benchmark is based on the Final Delivery Settlement Price of the Pulp contract traded at the Shanghai Futures Exchange,SHFE. SHFE publishes the Final Delivery Settlement Price in RMB/MT on the expiration day of each monthly contract. NOREXECO calculates the NSFI by deducting the prevailing Chinese VAT and convert from RMB/MT to USD/MT

The Key elements of the methodology for the NSFI benchmark are described here.

The full description of the NOREXECO Shanghai Final Index: The Benchmark Statement.