The Tokyo Commodity Exchange, Inc. announced today 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.
