The International Petroleum Exchange is based in downtown London and established the Brent Crude Oil Futures Contract in 1988. This contract is based on the 15-day Brent crude oil forward market,one of the most widely traded forward crude oil markets in the world. The contract has the distinctive feature of certainty of delivery by cash settlement, however, the contract does allow for the physical transfer of oil through the use of EFP's (Exchange for Physicals). These EFP's allow the making or taking of delivery of crude oil and petroleum products against a future position under terms and conditions which are tailored to meet the needs of industry participants. There is no restriction on the size of the position taken and all IPE contracts are cleared by the London Clearing House, owned by six leading UK clearing bands, which has guaranteed backing of £150.