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Free AccessEU Gas Price Cap Could Curb Market Liquidity
The EU’s gas price cap could impact financial stability and weigh on the liquidity of Europe’s exchange-traded gas markets, ESMA said in a document seen by Reuters.
- It appeared likely that market participants would shift to trading in contracts or venues where the gas price cap doesn't apply - either by moving to non-EU trading platforms or OTC trading. That could deal a blow to liquidity on regulated markets for TTF contracts, ESMA said it its report.
- The full impact of the price cap may only become clear when it is close to being triggered, ESMA added.
- The market correction mechanism, starting from 15 Feb, will be automatically activated if the month-ahead TTF price exceeds €180/MWh for the working days and the TTF price is €35/MWh higher than a reference price for LNG on global markets for the same three days.
- ESMA and energy regulator ACER were tasked with producing an initial analysis by 23 Jan and a full report by March, on whether the gas price cap could have negative consequences for financial and energy markets.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.