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EU watchdog proposes emergency brake on energy markets

By Huw Jones LONDON (Reuters) - A temporary brake on gas and electricity derivatives when prices spike could improve the overall functioning of the energy market, the European...
EU watchdog proposes emergency brake on energy markets © Reuters. The Astora natural gas depot, which is the largest natural gas storage in Western Europe, is pictured in Rehden, Germany, March 16, 2022. Astora is part of the Gazprom Germania Group. REUTERS/Fabian Bimmer

By Huw Jones

LONDON (Reuters) - A temporary brake on gas and electricity derivatives when prices spike could improve the overall functioning of the energy market, the European Union's securities watchdog proposed on Thursday.

The European Securities and Markets Authority (ESMA) said the number of trading halts in energy derivatives has been very low in recent weeks despite rules on circuit breakers already in place and prices' racing higher following Russia's invasion of Ukraine in February.

"It would, therefore, appear useful to consider implementing, on a temporary basis and for energy derivative markets only, a new type of trading halt mechanism," ESMA said in a statement.

The parameters of such a mechanism should be set at the EU level to apply to all platforms that trade energy derivatives, it said.

"We would envisage these mechanisms to trigger halts for a limited period of time only and in exceptional circumstances, for instance, in case of extreme volatility spikes that may lead to disorderly trading conditions," ESMA said.

Such a mechanism would need to be implemented as part of emergency measures tackling the current energy crisis, it added.

ESMA was responding to a call for "concrete plans" from the EU's executive arm, the European Commission, to address issues raised in energy markets by high prices which are forcing governments to offer help to energy companies.

Energy firms sell their output using derivatives markets, requiring them to post "margin" in the form of cash, in practice, to cover positions at clearing houses in case they turn sour.

ESMA said on Thursday it could formally clarify that commercial paper and EU government bonds already qualify as collateral. But it rejected an industry suggestion that EU carbon emission allowances could also be used, given their "high volatility and limited legal protections".

It also had "concerns" about making uncollateralised commercial bank guarantees eligible for use as collateral, and said strict conditions would need to apply.

ESMA said such conditions include a time limit on their use, such as for the winter period when stresses in energy markets are expected to continue.

"ESMA believes that prudential requirements should continue to underpin any such exposures and limit banks’ concentration risk, which would then have impact on the practical use of such type of collateral," the watchdog said, referring to banks' putting aside capital to cover risks from guarantees turning sour.

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04-10-2022 14:38:58 (UTC+7)

EUR/USD

0.9882

+0.0057 (+0.59%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

EUR/USD

0.9882

+0.0057 (+0.59%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.1418

+0.0096 (+0.85%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

USD/JPY

144.54

+0.01 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (11)

AUD/USD

0.6536

+0.0020 (+0.31%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (8)

USD/CAD

1.3578

-0.0044 (-0.32%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (4)

EUR/JPY

142.83

+0.84 (+0.59%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (11)

EUR/CHF

0.9763

+0.0021 (+0.22%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (8)

Gold Futures

1,719.15

+17.15 (+1.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Silver Futures

21.043

+0.454 (+2.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Copper Futures

3.4880

+0.0692 (+2.02%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (5)

Crude Oil WTI Futures

84.02

+0.39 (+0.47%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (4)

Brent Oil Futures

89.38

+0.52 (+0.59%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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Natural Gas Futures

6.471

-0.031 (-0.48%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (1)

US Coffee C Futures

215.55

-6.00 (-2.71%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Euro Stoxx 50

3,420.85

+78.68 (+2.35%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

S&P 500

3,678.43

+92.81 (+2.59%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (8)

DAX

12,436.66

+227.18 (+1.86%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (3)

Sell (1)

FTSE 100

6,980.75

+71.99 (+1.04%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (1)

Sell (7)

Hang Seng

17,079.51

-143.32 (-0.83%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

1,709.05

+41.78 (+2.51%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (2)

IBEX 35

7,594.12

+132.12 (+1.77%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (2)

BASF SE NA O.N.

41.690

+0.750 (+1.83%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (3)

Sell (4)

Bayer AG NA

48.45

+0.50 (+1.04%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (6)

Allianz SE VNA O.N.

163.31

+1.77 (+1.10%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (8)

Adidas AG

122.73

+3.73 (+3.13%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (2)

Deutsche Lufthansa AG

5.810

+0.094 (+1.64%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (6)

Siemens AG Class N

103.41

+2.49 (+2.47%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (2)

Deutsche Bank AG

7.777

+0.147 (+1.93%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

 EUR/USD0.9882Sell
 GBP/USD1.1418↑ Buy
 USD/JPY144.54↑ Sell
 AUD/USD0.6536↑ Sell
 USD/CAD1.3578Neutral
 EUR/JPY142.83↑ Sell
 EUR/CHF0.9763↑ Sell
 Gold1,719.15↑ Buy
 Silver21.043↑ Buy
 Copper3.4880Neutral
 Crude Oil WTI84.02Neutral
 Brent Oil89.38↑ Sell
 Natural Gas6.471↑ Buy
 US Coffee C215.55↑ Sell
 Euro Stoxx 503,420.85↑ Buy
 S&P 5003,678.43↑ Sell
 DAX12,436.66↑ Buy
 FTSE 1006,980.75Neutral
 Hang Seng17,079.51↑ Buy
 Small Cap 20001,709.05Buy
 IBEX 357,594.12↑ Buy
 BASF41.690Neutral
 Bayer48.45Sell
 Allianz163.31Sell
 Adidas122.73Buy
 Lufthansa5.810↑ Sell
 Siemens AG103.41↑ Buy
 Deutsche Bank AG7.777Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,550/ 6,630
(10/ 10) # 1,683
SJC HCM6,540/ 6,640
(20/ 20) # 1,690
SJC Hanoi6,540/ 6,642
(20/ 20) # 1,692
SJC Danang6,540/ 6,642
(20/ 20) # 1,692
SJC Nhatrang6,540/ 6,642
(20/ 20) # 1,692
SJC Cantho6,540/ 6,642
(20/ 20) # 1,692
Cập nhật 04-10-2022 14:39:00
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ↀ Giá vàng thế giới
$1,708.58+7.620.45%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V22.12022.560
RON 95-III21.44021.860
E5 RON 92-II20.73021.140
DO 0.05S22.20022.640
DO 0,001S-V24.18024.660
Dầu hỏa 2-K21.68022.110
ↂ Giá dầu thô thế giới
WTI$83.94+0.010.02%
Brent$89.27-0.1-0.11%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.720,0024.030,00
EUR22.864,8324.144,42
GBP26.379,6327.503,66
JPY160,63170,05
KRW14,4117,55
Cập nhật lúc 13:23:31 04/10/2022
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