Dechert financial services partner Andrew Hougie was instructed by Oil Securities on the issue of one billion oil securities, expected to be worth around $2bn (£1.1bn). It is the world's first listed crude oil exchange-traded fund. Denton Wilde Sapte financial markets partner Chris Borg acted for Shell, which is providing backing to the structure. Capital markets partner Andrew Roberts was part of a Linklaters team that advised Citigroup Global Markets and UBS Investment Bank, which will act as distributors.