Exchange-traded and OTC segments of the world oil derivatives market demonstrate different dynamics under increasingly stringent regulatory restrictions. The futures market of «paper oil» continues to grow during both downward and upward oil price cycles. Turnover of over-the-counter commodity derivatives, on the contrary, is consistently diminishing. The largest banks have substantially reduced or quit physical commodities business, including oil and oil products, but retained the leading position as swap dealers in over-the-counter oil derivatives market. Non-financial companies including British Petroleum, Royal Dutch Shell and Cargill began to enter the derivatives market as swap dealers. The new US administration may weaken the enforcement practices of the Dodd-Frank Act. In any case, derivatives market is going to keep its leading role in the price discovery mechanism for crude oil.