FIS is a niche player in the fuel oil futures market, targeting traders and users of fuel oil and encouraging the increased use of hedging by shipowners and operators. Fuel oil used as bunkers for the world shipping fleet accounts for more than 400m tonnes of oil products and is closely tied to prices in the crude market. But until now this market has been hard to trade because cost constraints and contract sizes do not reflect the needs of shipowners. FIS has responded to the specific needs of companies by developing the Fuel Oil Single Swap (FOSS), a cleared, cash settled fuel oil swap based on the Platts Daily Assessment Price of the main indexes, with a tenor of up to four years. This allows traders to trade small lots (from 1 metric tonne upwards) to allow a more specific trading contract, fitting the needs of consumers outside of the volume traders. Servicing the direct consumer and catering for their specific needs is an area that FIS excel, with oil we have focussed on the many ship owners and operators for which oil is a significant portion of overall cost. This has proved very successful and welcomed and we are rewarded with a rapidly growing desk.