GMTF reports on EU gas and gas derivatives markets
ESMA's Gas Market Task Force published findings on the functioning of EU gas and gas derivatives markets and proposed further analytical work.
The GMTF report consolidates 2025 analysis on EU gas market functioning and signals potential further supervisory work. Firms active in energy derivatives should anticipate continued scrutiny on liquidity, transparency and risk transmission between physical and derivative markets.
Signals direction of EU energy derivatives supervision relevant to capital markets participants and clearing members.
Action Required
Review commodity trading exposures, margining and surveillance frameworks for gas derivatives against GMTF observations.
Ongoing GMTF work influences future calibration of energy market rules, position limits and transparency obligations.
Monitor GMTF follow-up workstreams for potential changes to position limits, margining and transparency in gas derivatives. Reassess commodity market risk and liquidity stress assumptions.
“ESMA's Gas Market Task Force published a report on the functioning of EU gas and gas derivatives markets, summarising its 2025 analytical work and suggesting further work to support European competitiveness and consumers.”
Published: 2026-06-02