The volume of over-the-counter(OTC)oil swaps cleared through exchanges remains close to peaks reached at the height of the credit crisis in October.Oil swaps volumes cleared through Nymex's Clearport system have jumped to an average of over 35,000 lots/d since Lehman Brothers collapsed in mid-September,from 15,000 lots/d before(see graph).Oil market participants are seeking ways to further guarantee counterparties'creditworthiness(AGM,20 October,p2).The major oil firms are the exception,as their strong credit ratings allow them to trade non-cleared swaps among each other.
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