Interdealer broker Tradition’s London-based biofuels desk closed the world’s first rapeseed oil swap between Totsa, based in Geneva, and a continental based fuel distribution company on 3 August.
The deal was for 1,000 metric tonnes for settlement in August 2010.
The swap will be settled against the rapeseed oil FOB Dutch Mill Euro/T quote in Argus Biofuels, published by Argus Media.
Kees Schipper, senior broker, biofuels at Tradition, says: “With the ongoing growth in biodiesel and grain derivatives market, trading of rapeseed oil swaps is a natural progression. Tradition is a full service energy broker and biofuels are the latest product to be added to our range of products covered.”