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HomeEU natural gas derivatives markets: risks and trends
EU natural gas derivatives markets: risks and trends
Metadatos de publicación
Natural gas derivative markets came into the spotlight after the Russian invasion of Ukraine, as prices soared amid high volatility and a significant deterioration of liquidity. This article uses regulatory data to provide an overview of the structure and functioning of EU natural gas derivatives markets which complements other analyses published in recent months. The focus is on the assessment of risks for financial stability rather than detailed monitoring. Overall, the annual turnover on EU futures exchanges reached EUR 4,150bn in 2022, and open positions of EU counterparties amounted to around EUR 500bn as the end of 2022. The market is characterised by a high degree of concentration of market participants active in clearing and trading activity, and some energy firms hold relatively large derivative positions. In that context, liquidity and concentration risks are among the main vulnerabilities identified, along with data fragmentation and data gaps. The recent migration of some of the activity from exchange-traded to over-the counter derivatives trading, possibly related to lower margin requirements, raises concerns due to more limited transparency and more bespoke margin and collateral requirements in that market segment.
- Publicado:
- Autor(es) colectivo(s): Autoridad Europea de Valores y Mercados (Órgano o agencia de la UE)
- Тemas: Política energética
- Tema: abastecimiento energético , crisis de energía , estabilidad financiera , gas natural , mercado , precio de la energía , subida de precios
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| ISSN | ISBN 978-92-95202-82-5 | DOI 10.2856/75711 | Número de catálogo EK-04-23-089-EN-N |
- Released on EU Publications:
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