Publication
Title
Increased financial regulation in the European Union for energy firms extensively active in energy derivatives markets?
Author
Abstract
Because of the excessive prices and volatility in the energy derivatives markets over the period 2021–2023, margins increased considerably, leading major European energy companies to experience liquidity stress in meeting those. As a consequence, several local governments needed to provide guarantees to avoid their default. This article includes several legislative proposals to ensure that energy firms are prudentially safer and that there exists a level playing field among financial actors active in the same market segment. Specifically, this article proposes to (1) decrease the clearing threshold for commodity derivatives under the European Market Infrastructure Regulation (EMIR), (2) narrow the definition of hedging relevant to the calculation of the clearing threshold, (3) remove the intragroup exemption possibility under EMIR, and (4) make sure that energy firms can be categorised more easily as investment firms.
Language
English
Source (journal)
Journal of energy and natural resources law. - The Hague
Publication
The Hague : 2024
ISSN
0264-6811
DOI
10.1080/02646811.2023.2256596
Volume/pages
42 :2 (2024) , p. 211-226
ISI
001078016500001
Full text (Publisher's DOI)
Full text (open access)
The author-created version that incorporates referee comments and is the accepted for publication version Available from 29.09.2024
Full text (publisher's version - intranet only)
UAntwerpen
Faculty/Department
Research group
Publication type
Subject
Law 
Affiliation
Publications with a UAntwerp address
External links
Web of Science
Record
Identifier
Creation 02.10.2023
Last edited 01.07.2024
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