Market rejects EU attempts to isolate energy firms via Emir

Participants warn proposals would push up hedging costs for little systemic protection

The mood music playing through the corridors of Brussels has changed. Two months ago, legislators were considering ways to protect energy firms from eye-watering margin calls, as gas prices spiked following Russia’s invasion of Ukraine. Now, they want to isolate the clearing of energy derivatives and protect the wider financial system from contagion.

New draft proposals contained in a discussion paper seen by and presented to European Union finance ministry representatives from member

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