Energy traders would have to stump up an additional $33bn in margin payments if a plan by Brussels to cap the price of a key European gas benchmark goes ahead, a leading exchanges operator has warned.
Producers and traders that rely on the Dutch TTF futures market face an 80 per cent rise in the payments they make as insurance to secure their deals, Intercontinental Exchange has told the European Commission, according to a memo seen by the Financial Times.
Such a large increase in margin requirements could “destabilise the market”, ICE, the Atlanta-based group that runs the TTF market, said in the memo. ICE declined to comment.
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