A new Renewable Identification Number (RIN) pricing service has been launched by EcoEngineers Indexing Services LLC. According to the company, the daily index is based on continuously updated pricing data submitted by biofuels brokers, marketers, obligated parties, and producers. The company already offers third-party data verification and distribution and this new service expands their business into pricing data.
“Our existing relationships in the marketplace have resulted in a robust sourcing of data for the compilation of the daily index,” said Shashi Menon, Managing Partner of EcoEngineers. “RINS are a critical component of biofuel economics. A reliable RIN index will lead to the eventual formation of a RINSWAP and allow industry to freely enter into over-the-counter swap transactions against the Eco indices.”
In a statement, EcoEngineers said it has compiled historical RIN data back to July 2010. As a result, they are able to provide comprehensive reports on historical price movements as well as daily and monthly averages.
In addition, the company said it is in discussions with the CME group to clear it indices. Menon said of the talks, “Being able to clear the Eco indices will allow the market to operate in an environment where counter party credit risk is virtually eliminated, and we are excited to move forward with this initiative.”