Alarm over gas futures market’s ongoing flight to OTC

Worries focus on potential for hidden systemic risks and lack of accessibility for smaller firms


The shift in energy derivatives trading from exchanges to the bilateral market is causing concern over the visibility of potential systemic risks and barriers to hedging for smaller participants.

Although wholesale gas prices have fallen since the highs experienced in August last year, the trend away from trading in listed energy futures towards over-the-counter markets has continued into this year as firms strive to avoid a repeat of recent eye-watering margin calls.

In its preliminary report

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