The Intercontinental Exchange plans to launch a 'parallel market' in London for Title Transfer Facility gas trading next month, it said on Friday, providing a way for market participants to avoid the European Union's gas price cap.
ICE said it would continue to operate the TTF market on its Amsterdam exchange - the most liquid gas futures market in Europe, which sets the region's benchmark gas price - but alongside this, it was preparing to launch another market for TTF futures and options in London on Feb. 20.
"ICE's purpose is to create markets to allow our customers to manage their risk and we have a duty to our customers to provide solutions to the problems they face," he said. "This is completely in line with what we expected and also had warned at the EU might happen," the spokesperson said.
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