Published On: Thu, Oct 23rd, 2014

TOCOM To Adjust Crude Oil Futures Contract Specifications In January 2015

Tadashi Ezaki CEO TOCOM -

Tadashi Ezaki CEO TOCOM –

The Tokyo Commodity Exchange, Inc. announced on 21 October that it has received regulatory approval on October 17 to change the specifications of Crude Oil futures beginning with the June 2015 contract with trade starting on January 5, 2015.

It is currently a cash-settled blend of Middle East crude oil, with the final settlement price based on the average value of Platt’s Dubai and Oman crude prices. The Exchange intends to use Dubai crude oil as the sole underlying product. This change is to adjust to the practices of the Japanese petroleum trading community, where Dubai crude oil prices are more widely regarded as the benchmark.

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