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Ian Kilpatrick is a Senior Consultant with Osterwald Rathbone & Partners. He has enjoyed a forty-year career in commodity markets and trading, primarily in crude oil and fuel products. After learning physical oil trading in both traffic and operations positions, he progressed to senior trading roles in the physical and derivatives markets (exchange traded and over-the-counter). He has been involved in physical trading in North and South America, EMEA, Northwest Europe, Mediterranean and Asia.
The increasing importance of risk management to commodity trading and operations has lead Ian to specific interests in the pricing methodologies of price reporting agencies (PRAs) for physical commodities and the relationship of these price assessments to the associated regulated futures, options and over-the-counter derivatives. This has led Ian to be involved in several detailed pricing studies for both research and forensic purposes. He has also provided pricing and delivery expert assistance in several oil industry disputes. In recent years, Ian has collaborated with a major western commodity exchange and a leading PRA to develop a new crude oil futures contract for both physical and financial settlement.
He has provided a broader range of consulting and advisory services to nascent exchanges in developing financial markets. This has encompassed the full range of activities necessary to establish a new commodity futures exchange, including preparation of a business plan for the exchange and associated clearing, delivery and settlement methodologies, counter-party matching and the writing of market relevant futures contracts for crude oil, fuel products and natural gas.
In tandem with the advisory work for new exchanges in developing financial markets, Ian has written and delivered related educational material and seminars to the local producers, refiners, traders, banks and state authorities that are targeted as exchange members, participants and stakeholders.
In all of the exchange activities noted above, the emphasis has been on risk management and the relationship between the physical realities of the international oil trade and the PRA quotes, futures and derivatives that price such trade.
Ian is a dual citizen of the UK and Switzerland and holds an MBA from the University of Connecticut.