One billion oil securities to be traded in London

The company will base the securities on contracts with Shell on the prices of the two benchmark crudes. Citigroup was lead manager for the launch, and will be joint distributor and market maker with UBS. Linklaters advised the banks on the issue.

The issue is scheduled for July 28. Oil Securities hopes the securities will attract smaller retail investors who are unable to trade in oil or oil futures directly. Last year saw the same team introduce gold bullion securities on the London exchange

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