LETTER FROM BRUSSELS: JANUARY 2015

摘要

Europe’s two most liquid gas markets, the UK NBP and Dutch TTF, are the models that all other EU gas tradingrnpoints should aim for, in particular by increasing forward liquidity, according to a new EU gas market targetrnmodel from EU energy regulatory agency ACER.rn"A well-functioning wholesale market [implies] a liquid spot market and, crucially, a liquid wholesale forwardrnand/or futures market so that cost-effective wholesale market risk management is possible," ACER said.rn"Research we have undertaken shows that forward trading is highly limited across the EU. This point is ofrncritical importance," it said.