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EU Proposes Energy Clearing Regulation Changes

ENERGY

The EU proposes changes in a draft law updating rules on clearing derivatives after some energy companies struggled to meet higher margin calls when gas prices surged earlier this year.

  • "To build resilience, the lessons drawn from the recent developments in energy markets, with several energy companies facing liquidity issues when using derivatives, need to be taken into account," the draft EU law published on Wednesday said.
  • Short term EU measures have already been introduced, such as widening what can be used as collateral to meet margin calls, but EU says more structural changes were now needed.
  • The draft law includes measure such as:
  • Scrapping an exemption given to non-financial firms from reporting off-exchange derivatives trades giving regulators more data.
  • Emphasis on energy firm awareness of potential higher margin calls.
  • EU securities watchdog ESMA to report and cost benefit analysis on possible clearing house "segregated" accounts for non-financial and financial members to avoid cross-sector contagion.
  • A volume threshold for mandatory clearing of derivatives contracts.
Energy BulletsPower BulletsCommodities
Energy BulletsPower BulletsCommodities

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