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ICE Considers Gas Price Cap Impact on TTF Futures Market

NATURAL GAS

ICE is looking at launching a new instrument in London that is similar in design to the current TTF ICE Endex contract according to Energy Intelligence sources.

  • ICE would clear block trades executed OTC at a higher price than the cap as the Market Correction Mechanism only applies to screen orders.
  • The exchange operator in December said it would review operating a TTF gas futures market and has previously suggested it could move the trading hub outside of the EU.
  • Both regulators ACER and ESMA this week said the EU’s gas price cap could impact financial stability and weigh on EU exchange-traded gas liquidity. They have not yet observed market changes following the Market Correction Mechanism announcement but both warned that they could not rule out future impacts on financial and energy markets.
  • Market participants could shift to trading in contracts or venues where the gas price cap doesn't apply to either non-EU trading platforms or OTC trading. Increasing OTC trading could raise margin calls and drive volatility.
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