Dubai's oil futures market plans swaps

13 June 2010

Thomas Leaver, CEO of Dubai Mercantile, has said the oil futures market plans to introduce Oman crude-based swaps contracts to woo Asian refiners away from Dubai-linked derivatives sold in the over-the-counter market, Bloomberg has reported. The new derivatives will help refiners manage their price risk based on Oman's output of 850,000 barrels a day rather than Dubai's 80,000 barrels a day, he said. The exchange will offer both swaps and options this year once regulators approve them, Leaver noted.

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