Energy vol puts spotlight on Ice’s TTF futures margin

Clearing firms say exchange was slow to react as natural gas prices spiked

Clearing brokers are scrutinising margin levels on a crucial natural futures contract after last week’s extraordinary price moves led to a handful of energy suppliers defaulting.

The Dutch TTF gas futures contract listed on Ice Endex in the Netherlands was undermargined, according to two risk sources at large clearing banks, who say the exchange ignored their calls to hike levels ahead of the moves.

“We asked them to put up their margin rates, and they weren’t willing,” says a risk manager at