Page 39 - 期货和衍生品行业监管动态（2023年11月刊）

期货和衍生品行业监管动态

此项研究是 ESMA 与欧盟能源监管机构合作局（ACER）合作进行的，并补

充了 ACER 监测欧盟内部天然气市场的年度报告中对 2022 年夏季批发市场基本

面和天然气现货市场的分析。

ESMA Finds Natural Gas Futures Markets Functioned Appropriately During the

August 2022 Price Surge (2023/10/24)

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor, today publishes a study on the record surge in

prices in European natural gas futures markets in August 2022. Natural gas

derivative markets came into the spotlight with the Russian invasion of Ukraine,

which drove uncertainty and later led to falls in Russian supplies.

Despite the record prices during August 2022, the findings presented in the study

do not show correspondingly high illiquidity. CCP margins rose and fell with prices and

volatility in line with expectations, with margin calls met on time. There were no signs
of reductions found in derivative positions during this period. Taken together, these

elements suggest that markets continued to function appropriately during the August

2022 market events.

Strong demand was found among end-clients, with traded volumes only slightly

lower than a year earlier despite the much higher prices. The focus was particularly on

contracts delivering in the autumn and over the winter. Trading patterns also varied by

type of market participants, such as natural gas producers, electricity utilities and banks.

Findings overall are consistent with the pressing need to replenish winter reserves

among European end-clients driving demand and fuelling prices, given the sharp drop

in Russian pipeline supplies.

Background

ESMA analysed the record price surge by looking at market prices, volatility, CCP

margins and how these related to cleared positions, available liquidity and to the trading

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