Statement on the role of exchanges in energy markets

Derivatives markets demonstrate every day that they are able to manage the extraordinary volatility and stress under which they are operating as a result of the ongoing energy crisis.

Exchanges have a suite of dynamic and configurable systems to manage periods of increased price volatility. Circuit breaker functionalities diminish the likelihood and extent of short-term price spikes or aberrant market moves. These are not price manipulation procedures, though, but rather essential safeguards to protect an orderly price discovery mechanism.