Benchmark Price Research Articles

PNS104 USE OF AN ADELPHI DISEASE SPECIFIC PROGRAMME TO ASSESS THE IMPACT OF INSTITUTE FOR CLINICAL AND ECONOMIC REVIEW REPORT PUBLICATION ON SPECIALTY CATEGORY MANAGEMENT BY US INSURERS; A PHYSICIAN-BASED APPROACH

To evaluate the utility of Adelphi Disease Specific Programmes (DSPs) to capture physician-reported payer access controls and the impact of the Institute for Clinical and Economic Review (ICER), using a published 2018 evidence report on perceived access to treatments for patients in the United States (US). Retrospective analysis of the 2017 (n=146) and 2018 (n=80) datasets from an Adelphi DSP in a specialty category with new FDA approvals in 2016; cross-sectional surveys of prescribers in the US were assessed. Each prescriber completed a survey, stating their perception of access controls present for selected treatments. Fisher’s exact tests were used to compare between DSP datasets to determine the change in controls and formulary inclusion before and after ICER’s report. Further analysis was based on estimated product net price classification from the ICER value-based price benchmark. There were several directional changes in perceived access controls between the 2017 and 2018 DSP waves. The newer agents in the category exhibited the greatest change: 13.9% increase in prescribers perceiving restricted or non-availability of Product A (p=0.087), 13.6% for Product B (p=0.088) and 6.7% for Product C (p=0.4163). The results demonstrate that the Adelphi DSP is a robust tool for observing changes in payer category access management between cross-sectional datasets, and capturing the influence of ICER publications in a competitive category. The relationship between the ICER report and the perception of access controls is likely confounded, due to the diversity of insurance coverage observed by specialist physicians in practice and a perception bias towards more restrictive coverage. Additional work will explore the impact of access controls on prescribing behaviors as a secondary outcome of ICER reviews and the nature of changing prescribing patterns as a function of insurance coverage type and utilization management tools.

The States as Important Laboratories for Federal Prescription Drug Cost-Containment Efforts

This Viewpoint proposes ways states can control the costs of expensive drugs produced by single manufacturers, including importation from other countries, international benchmark pricing, and statewide upper payment limits.

The Antitrust Prohibition of Excessive Pricing

Excessive pricing by a dominant firm is unlawful in many countries. To assess whether it is excessive, the dominant firm’s price is often compared with price benchmarks. We examine the competitive implications of two such benchmarks: a retrospective benchmark where the price that prevails after a rival enters the market is used to assess whether the dominant firm’s pre-entry price was excessive, and a contemporaneous benchmark, where the dominant firm’s price is compared with the price that the firm charges contemporaneously in another market. We show that the two benchmarks restrain the dominant firm’s behavior when it acts as a monopoly, but soften competition when the dominant firm competes with a rival. Moreover, a retrospective benchmark promotes entry, but may lead to inefficient entry.

The Impact of Custom Contracting and the Infomediary Role of Healthcare GPOs

Manufacturers and distributors of expensive implants and other medical supplies often require buyers to sign non‐disclosure agreements treating all information concerning negotiated prices as trade secrets. Such agreements make it difficult for hospitals to obtain accurate pricing benchmarks. To save on procurement costs and to obtain pricing information, most hospitals in the United States join group purchasing organizations (GPOs). GPOs are believed to lower procurement costs by aggregating hospitals’ demand. Whether GPOs indeed add value to the healthcare supply chain and produce actual savings for hospitals are debated policy issues, as evidenced by the ongoing discussions on the topic in the US Congress. Some hospitals procure using GPO contracts, and some try to improve on prices available via GPO contracts, negotiating custom contracts directly with the GPO vendors. Using a game‐theoretic model, we prove that GPOs that operate independently and allow for custom contracting limit the benefit of demand aggregation to smaller hospitals only. The larger hospitals gain primarily from using the GPO as an infomediary to obtain critical pricing information benchmarks. Our results further explain why the introduction of custom contracting lowers the value of access to this pricing information for the hospitals, and how the savings through custom contracting can be misleading. We reveal how GPO vendors can exploit information asymmetry about their prices and earn even higher profits, and why, contrary to the industry's belief, the resulting savings are never higher for any hospital, not even for the larger ones when the GPOs allow custom contracting.

Time-varying relation between black and green bond price benchmarks: Macroeconomic determinants for the first decade

We examine the determinants of correlation patterns between green and black bond markets. Both the correlations and determinants are time-varying and estimated using a two-stage sequential methodology, extracting dynamic conditional correlations (DCC) in the first, then applying dynamic model averaging (DMA) in the second to establish the determinants of market correlations. We provide evidence that the connection between green and black bonds is sensitive to: changes in financial market volatility; economic policy uncertainty; daily economic activity; oil prices and; uniquely constructed measures of positive and negative news-based sentiment towards green bonds.

Are Prominent Equity Market Anomalies in India Fading Away?

In this study, we revisit prominent equity market anomalies documented for India, namely size, value, volume and momentum. Using data for NSE 500 companies, we test for the persistence of these anomalies for a recent period from July 2005 to June 2016 employing one-factor capital asset pricing model (CAPM) and three-factor Fama–French model as asset pricing benchmarks. We test for the robustness of these anomalies by (a) forming both quintile and decile portfolios and (b) forming univariate and variety of bivariate-sorted portfolios. Corner portfolios based on deciles provide greater return differentials compared to quintile portfolios. Bivariate-sorted portfolios do not seem to outperform univariate-sorted portfolios. The value and momentum anomalies are explained by risk models which is contrary to prior evidence. Size and volume anomalies continue to provide significant returns but seem to have faded substantially over time when compared with the past results. The findings about weakening prominent Indian equity market anomalies shall pose a challenge for portfolio managers who may have to look for other sources of extra-normal profits. Indian market also seems to be informationally more efficient which is in line with recent financial market reforms and growing emphasis on financial inclusion and corporate governance.

Optimal VWAP Execution Under Transient Price Impact

We solve the problem of optimal liquidation with Volume-Weighted Average Price (VWAP) benchmark when the market impact is linear and transient. Our setting is indeed more general as it considers the case when the trading interval is not necessarily coincident with the benchmark interval: Implementation Shortfall and Target Close execution are shown to be particular cases of our setting. We find explicit solutions in continuous and discrete time considering risk averse investors having a CARA utility function. Finally, we show that, contrary to what is observed for Implementation Shortfall, the optimal VWAP solution contains both buy and sell trades also when the decay kernel is convex.

Pricing Mechanism for Natural Gas Distributed Generation Based on Classified Benchmark Price

Natural gas distributed generation (NGDG) has been widely concerned, promoted, and applied all over the world because it has advantages such as high comprehensive energy efficiency, environmental protection, sustainable and stable power supply, and so on. It also has become an important part of the energy strategy in China. Unfortunately, most NGDG projects on production in China do not operate very well due to several reasons such as high investment and operation cost, long load cultivation period, and so on. Thus it is quite urgent to design one pricing mechanism suitable for NGDG to meet the need in the transition stage before fully power marketization and rationalize and standardize the feed-in tariff of NGDG. This paper proposes a one-part tariff mechanism for NGDG based on classified benchmark price, which solves the problem that most NGDG projects have to refer to the benchmark tariff of local coal power plants due to the absence of NGDG pricing benchmark. Meanwhile, according to the characteristics of energy projects and regions, the mechanism establishes a two-dimensional classification scheme for NGDG, sets up the benchmark data and the method to determine the values, and then put forward the benchmark tariff of NGDG. It also changes the “one plant one price” approach in some areas. Finally, using the tariff mechanism and operating period price model, we calculate the benchmark tariff of all kinds of NGDG in several typical regions. The results can be referenced for research and NGDG tariff mechanism establishment in various countries.

A dynamic strategy-proof algorithm for allocation and pricing of cloud services

In this paper, we present a dynamic strategy-proof algorithm for allocation and pricing. The algorithm relies on market history to forecast a benchmark price to ensure truthful valuation from the market participants. The algorithm also ensures that the utility is evenly distributed between buyer and seller. The utility is the difference between the buyer's maximum offer and the seller's minimum acceptable price. The results of the experimental studies carried out shows that: 1) the budget limits of the buyers with successful allocations were not exceeded; 2) only market participants with truthful offers and bids were allocated services; 3) the utility is higher when there is no strategy-proof for preventing overbid and that there is at least a 50% increase in price per unit when there is no strategy-proof to prevent overbid; 4) in terms of computational efficiency, the algorithm converges in polynomial time with a worst-case running time of O(n2).

Real‐time forecast combinations for the oil price

SummaryBaumeister and Kilian (Journal of Business and Economic Statistics, 2015, 33(3), 338–351) combine forecasts from six empirical models to predict real oil prices. In this paper, we broadly reproduce their main economic findings, employing their preferred measures of the real oil price and other real‐time variables. Mindful of the importance of Brent crude oil as a global price benchmark, we extend consideration to the North Sea‐based measure and update the evaluation sample to 2017:12. We model the oil price futures curve using a factor‐based Nelson–Siegel specification estimated in real time to fill in missing values for oil price futures in the raw data. We find that the combined forecasts for Brent are as effective as for other oil price measures. The extended sample using the oil price measures adopted by Baumeister and Kilian yields similar results to those reported in their paper. Also, the futures‐based model improves forecast accuracy at longer horizons.

Durable goods pricing with reference price effects

A price benchmark shaped by consumers on the basis of their perception of past prices is known as a reference price. Behavioral decision research suggests that consumers are likely to be backward-looking in that they make purchase decisions based not only on the current price but also on the reference price. It is evident that the reference price effect, which has significant impact on consumer demand, exists for both consumables and durables. Yet, how this effect works has only been investigated in relation to the pricing of consumables, and thus the corresponding results are unable to yield normative implications for durable goods pricing where the saturation effect must enter the picture. This study aims to provide marketers of durables with relevant insights that can be practically used to guide their design of pricing strategies in the presence of the reference price effect. Specifically, we develop a dynamic pricing model which incorporates both the reference price effect and the saturation effect into a framework to broaden our understanding on the durable goods pricing problem. As the internet technology and social media have enhanced consumers’ ability to recall and compare past prices, the need for such a pricing model with backward-looking consumer behavior is increasingly compelling. Our results indicate that while it is optimal for a myopic seller to adopt the skimming pricing strategy, either the price skimming strategy or the penetration strategy is optimal for a forward-looking seller, contingent on the potential market and consumers’ reference price effects.

Proposed the pricing model as an alternative Islamic benchmark

PurposeThe purpose of this paper is to find applicable Islamic pricing benchmarks (IPBs) instead of the market interest rates which are currently used in Islamic finance as benchmark.Design/methodology/approachThe suggested model (Islamic pricing benchmark model (IPBM)) obviously reveals the feasibility and practical effectiveness of a substitute to London Interbank Offered Rate (LIBOR) and as an evaluator tool to suggested investment projects. The model is a suggested mechanism which could be used as an alternative choice to the conventional borrowing based on the forbidden Riba or on interest. The suggested IPBM depends on estimating the rate of return for any project on consideration of the cash flows in future which is expected to be relative to the invested capital.FindingsThe IPBM approach might be applied to financial tools, where the fund owner bears the loss since it is not because of negligence. An instrument to help identify the investment for target rates of return (as an alternative choice to LIBOR) to identify a breakeven point based on expected cash flows for the project to be financed instead of based on seeking the indicators of interest or Riba (as LIBOR). This feature of the IPBM model as an Islamic benchmark renders it as a Shariah pricing mechanism for the Islamic financial products.Practical implicationsThe IPBM could be used as a financial instrument to assist in identifying the investment for the target return rates to determine a breakeven point based on expected cash flows for the project to be funded instead of being based on seeking the interest indicators or Riba (as LIBOR). This feature as an Islamic benchmark is considered as a Shariah pricing mechanism for the Islamic financial products. In particular, the proposed model incorporates the Shariah parameters. In that, it is hoped that the Islamic financial instruments will be more comprehensive in their Shariah compliance and thereby may bring more credibility to the Islamic financial system in general.Originality/valueThis paper highlights several important issues related to the IPBMs in Islamic financial institutions which are not widely discussed among researchers. This study contributes to finding an alternative IPB for the Islamic financial products which is currently using the conventional interest rate (LIBOR) as its benchmark. The current study provides empirical evidence for the possibility of relying on the IPBM as an Islamic benchmark to price Islamic financial transactions.

Financial Impact of Alternative Pricing Benchmarks for Physician-Dispensed Drugs in the California Workers’ Compensation System

Pricing drugs in the California Workers' Compensation System (CAWCS) has become more difficult as there are increasingly fewer drugs listed in the Medi-Cal primary fee schedule, which is used as the source for CAWCS drug prices. This presents a challenge of providing timely and accurate CAWCS reimbursement. The objectives of this study are (1) to explore any trends in physician-dispensed drug prices; (2) to compare the proportion of drugs with and without a price and to determine the financial implications of repricing CAWCS physician-dispensed drugs with five alternative pricing benchmarks; and (3) to offer recommendations for the pricing benchmark to maximize pricing coverage and to remain budget neutral. We evaluated physician-dispensed drugs at the transaction level, reimbursed in the CAWCS. Frequency, reimbursement rate, and total and average paid costs were reported. We matched each claim line in the CAWCS to the corresponding unit price of an alternative price benchmark including average wholesale price, wholesale acquisition cost, direct prices, national average drug acquisition cost, and Federal Upper Limit. Average wholesale price provided prices for 99.9% of physician-dispensed drug claims, while Medi-Cal, the current primary physician-dispensed drug benchmark provided prices for a lower percentage (92.7%) of claims. The CAWCS prices were equivalent to 49% of the average wholesale price, 95.5% of Medi-Cal, 126.7% of the wholesale acquisition cost, 266% of the Federal Upper Limit, 64.4% of direct prices, and 197% of national average drug acquisition cost-estimated prices. The CAWCS current Medi-Cal pricing for physician-dispensed drugs is better than all alternatives in terms of price availability, transparency, and budget neutrality, but pricing availability may decrease over time as Medi-Cal moves to managed care. National average drug acquisition cost is the next best alternative, but it requires combinations of pricing benchmarks to maximize its price availability.

Computable Error Bounds of Laplace Inversion for Pricing Asian Options

The prices of Asian options, which are among the most important options in financial engineering, can often be written in terms of Laplace transforms. However, computable error bounds of the Laplace inversions are rarely available to guarantee their accuracy. We conduct a thorough analysis of the inversion of the Laplace transforms for continuously and discretely monitored Asian option prices under general continuous-time Markov chains (CTMCs), which can be used to approximate any one-dimensional Markov process. More precisely, we derive computable bounds for the discretization and truncation errors involved in the inversion of Laplace transforms. Numerical results indicate that the algorithm is fast and easy to implement, and the computable error bounds are especially suitable to provide benchmark prices under CTMCs. The online supplement is available at https://doi.org/10.1287/ijoc.2017.0805 .

Social cost of carbon under shared socioeconomic pathways

Abstract The Social Carbon Cost (SCC) measures present value of future economic damages caused by an additional ton of carbon emissions, and is widely used by governments to design climate policies. Although the use of SCC is very extensive, its predictions are very difficult. Because the SCC is defined by social welfare associated with economic growth and population, its estimation is necessarily dependent on future assumptions that are difficult to project. Many approaches consider the impact of population or economic growth on the SCC, but these socioeconomic factors must be grounded on solid assumptions concerning political, technological and environmental developments. Over the past seven years, the climate change research community has established five plausible socioeconomic narratives, called ‘Shared Socioeconomic Pathways’ (SSPs), numbered SSP1–SSP5. These scenarios provide descriptions of how the future might unfold in several key areas. To this end, we use the Dynamic Integrated model of Climate and the Economy (DICE) to update the SCC under the five socioeconomic pathways, while also considering alternative damage functions and the social welfare discount rate to address uncertainty. The result of the China Climate Change integrated assessment model (C3IAM) were used to re-estimate parameters in DICE, therefore characterize the SSPs. The results show that, in a world developing towards regional rivalry (SSP3), the SCC today will likely double compared with other scenarios. If emerged developing countries will follow the same path as previous industrializations (SSP5), the SCC will experience a rapid increase after 2060. Inequality (SSP4) will experience low mitigation pressure under a sustainable development scenario (SSP1), while the historical development pattern (SSP2) will have a moderate SCC with higher uncertainty. The results can provide carbon price benchmarks for policy makers who hold different attitudes towards the future and can help address the need to avoid regional rivalries and fossil-fueled development, which may counteract mitigation efforts.

PMU34 - PRICE ANALYSIS OF VACCIENS MARKETED IN THE GULF COOPERATION COUNCIL COUNTRIES: A CROSS-SECTIONAL STUDY

To provide an overview of the prices of vaccines in three GCC countries (Saudi Arabia, Kuwait, United Arab Emirates). Also to compare prices for each country to Saudi Arabia. Regulatory information and prices for vaccines approved in three countries were obtained from ministries of health and food and drug authorities as of January 2018. Retail prices were used as unit of analysis. Prices were converted to 2018 Saudi riyals (SR). Descriptive statistics, Mann Whitney-Wilcoxon rank and Kruskal-Wallis tests were performed to compare the price differences between the countries. Statistical significance level was set at 0.05. There were 53, 37 and 30 vaccines with different strengths and formulation approved in Saudi Arabia, UAE, and Kuwait respectively. There was a significant difference in vaccines prices between the three countries (p= 0.01). In Saudi Arabia, the vaccines prices ranged from 16.00 SR to 636.00 SR with a median price of 81.00 SR. In UAE, the vaccines prices ranged from 13.00 SR to 1356.00 SR with a median price of 129.00 SR. In Kuwait, the vaccines prices ranged from 18.00 SR to 570.00 SR with a median price of 109.00 SR. By comparing the vaccines prices in UAE to those in Saudi Arabia, we found the prices were lower significantly in Saudi Arabia (p=0.03). In addition, the vaccines prices were lower in Saudi Arabia but were not significant as compared to prices in Kuwait (p =0.4). Prices of vaccines were significantly differ between GCC countries. Prices were lower in Saudi Arabia as compared to Kuwait and UAE. Higher vaccine prices will ultimately affect at the accessibility and affordability. Harmonization of vaccines prices is necessary to improve the access GCC region. Future research should include all six countries in GCC region, and examine difference in other pricing benchmarks including wholesaler prices

PHP294 - A REVIEW OF RECENT APPRAISALS FROM THE INSTITUTE FOR CLINICAL AND ECONOMIC REVIEW: HOW IMPORTANT IS THE ICER?

The Institute for Clinical and Economic Review (ICER) in the United States utilizes economic analyses to determine the economic value and affordability of interventions, and estimates value-based price benchmarks. Our objective was to review recent appraisals conducted by ICER and to assess what factors are critical to their decision making, with a focus on health economics. Published appraisals from January 2016 to April 2018 (14 appraisals) were reviewed, with key data extracted. We excluded 1 non-pharmacological appraisal. ICER recommendations were compared against the economic analyses and stated critiques. Estimated ICERs ranged from dominant to $1,907,822/QALY; 5/13 appraisals were favorable to the evaluated drugs from a cost-effectiveness analysis (CEA) perspective: treatments were perceived to fulfill an unmet need and/or to demonstrate good value. Average per-patient budget impact estimates over a five-year time horizon were -$178,911 in appraisals that reported potential cost savings and $136,323 in appraisals reporting additional spending. CEA results drove decisions to not recommend an intervention, frequently due to high cost. However, for positive evaluations, CEA results were just one consideration. Whilst ICER acknowledged a need to keep incentives for drug development, most reviews concluded that substantial discounts would be needed to achieve thresholds. On average, discounts from wholesale acquisition cost of 83% and 53% were needed to achieve the $100,000 and $150,000 thresholds, respectively. Criticisms focused on the high cost of health technologies, limitations of trials, and absence of long-term data. A strong evidence base for economic modelling appears to be an important factor in the ICER appraisal process, including long-term data, head-to-head trials, generalizable data, and ideally robust data for subgroup evaluations. It highlights some of the ways in which manufacturers may improve the evidence base for their intervention and in turn reduce the uncertainty with future ICER reviews.

Technology Focus: Sand Management and Sand Control (October 2018)

Technology Focus Rig count and fracturing-crew activity are the pulse of the energy industry; as energy commodity prices increase, so do these vital numbers. During the past year, crude oil prices jumped 36% from $49.59/bbl (WTI) at the beginning of August 2017 to $67.68/bbl on 1 August 2018, with a maximum price of approximately $74/bbl in late June 2018. The price increase experienced during the past year has renewed investments in many plays. However, a long-term project, such as offshore deepwater field developments, would require a minimum sustainable oil price to be profitable. We, therefore, have not seen massive investment in developing challenging sand-prone fields that require large capital investment up front to complete wells with expensive and sophisticated sand-management and -control techniques. Perhaps the demand has not yet justified sustainable prices, leading some oil companies to rebalance capital allocation by increasing dividend payouts or stock repurchasing programs while waiting for the market forces to establish a price benchmark. In this respect, in the energy industry, no news very often is the best news; any geopolitical instability and tensions could cause oil prices to fluctuate abruptly and make operators feel uneasy about investing in capital-intensive projects. On the technology side, regardless of the oil price, demand persists for cost-saving and value-adding innovations and emerging technologies to bridge gaps in the existing technology portfolio for sand management and control. To stay in the know of the latest projects trending in the energy industry, read the featured papers and recommended additional reading and attend the upcoming 2018 SPE Annual Technical Conference and Exhibition 24–27 September in Dallas and the Asian Pacific Oil and Gas Conference 23–25 October in Brisbane, Australia. Recommended additional reading at OnePetro: www.onepetro.org. SPE 187237 Self-Assembling Nanoparticles: A Unique Method for Downhole Sand Consolidation by Rajendra Kalgaonkar, Saudi Aramco, et al. SPE 189491 Openhole Mechanical Packer With Eccentric Shunt-Tube Gravel-Pack Assembly Reduces CAPEX and Accelerates Production in Laombo Deepwater Development, Angola by J. Hernandez, Total, et al. SPE 189557 A Large-Scale Sand-Retention Test Facility for Evaluation and Selection of Optimal Standalone Sand Screen for Injection Wells in Thermal Operations by M. Mahmoudi, RGL Reservoir Management, et al.

Abstracts of the 43rd Symposium on Cuniculture, ASESCU

The 43<sup>rd</sup> Congress of the Spanish Association of Cuniculture (ASESCU) was held in Calamocha (Teruel province, Aragon region, Spain) from 30th to 31st May 2018, hosted by the Cooperative Society “Esperanza del Jiloca” (CEJI) and the City Council of Calamocha. The three main talks focused on strategies against antibiotic resistance in rabbit farming: one explaining the relevance of this problem and the responsibility of each agent to improve it, another expounding the “Spanish National Plan against Antibiotic Resistance”, and the third showing the first milestones reached in reducing antibiotic use on rabbit farms. Specific sessions were devoted to explaining the outcomes of the three research projects supported by the partnership between the Spanish Institute of Agricultural Research (INIA) and the Rabbit Meat Marketing Board (INTERCUN): one related to welfare and health of rabbit does under different housing systems, the second devoted to the prevention and control of rabbit viral diseases, and the third investigating the etiopathogeny and control of epizootic rabbit enteropathy. In addition, the role and operation of INTERCUN was highlighted. The Chair of ASESCU spoke about this association’s role in the IDCURA project, a working group focused on innovation and divulgation in reducing antibiotic use in rabbit farming. The closing speech explained the workings of LONCUN, the latest reference market for benchmark prices of rabbit meat activated in Spain. Moreover, a total of 20 communications were presented both in working sessions with oral messages and posters (nutrition, pathology, biosecurity and sustainability, housing and welfare, and reproduction and genetics). The meeting was attended by more than 210 participants from several European, American and African countries. Abstracts of the contributions presented are reported below.

Futures are looking up

There has been rumbling dissatisfaction for >10 years with the three main crude oil price benchmarks—Brent, West Texas Intermediate and Dubai/Oman—used to solve price formulae in crude oil purchase-and-sale contracts, including OPEC contracts. This dissatisfaction has come to a head following the introduction of the European Benchmarks Regulation, which took full force and effect on 1 January 2018. The oil market currently enjoys lighter regulation in the form of the International Organisation of Securities Commission’s Principles for Oil Price Reporting Agencies (PRAs) that were introduced on 5 October 2012. Aware of the fact that the heavier 2018 rules could be applied if there is any wrong-doing, these principles have been taken very seriously not only by the PRAs, but also by those hitherto supplying price information to the PRAs. Unfortunately, many companies no longer report deals to PRAs for fear of falling foul of the reporting rules. The shrinking database of deals reported to the PRAs coincides with rapid changes in the oil market that has emphasized the inadequacies of the existing benchmarks and spawned a range of new, regulated, exchange-based benchmarks. This article describes the problems with the existing benchmarks and examines the assortment of embryonic futures market-based benchmarks that are gaining ground. These include the Dubai Mercantile Exchange’s Oman contract, the InterContinental Exchange’s West Texas Intermediate Magellan East Houston contract, the St Petersburg International Mercantile Exchange’s Urals contract and the Shanghai Exchange’s Medium Sour contract.