Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Sprawozdanie końcowe z wdrożenia i funkcjonowania mechanizmu zarządzania zmiennością śróddzienną

30 June 2023

ESMA70-156-6509

Final Report

on the implementation and functioning of the Intra-day Volatility

Management Mechanism

Executive Summary

Reasons for publication

In December 2022 the Council adopted Regulation (EU) 2022/2576 enhancing solidarity through better coordination of gas purchases, reliable price benchmarks and exchanges of gas across borders (‘the Regulation’), which started applying on 30 December 2022 for a one-year period. The Regulation establishes that trading venues (TVs) on which energyrelated commodity derivatives are traded should set up temporary intra-day volatility management mechanisms (IVMs).

This Report fulfils the mandate in Article 17 of the Regulation which requires ESMA to develop and submit a report to the European Commission by 30 June 2023 to evaluate the efficiency of the IVMs.

Contents

In this Report, ESMA provides an assessment of the efficiency and the functionality of the introduced IVMs by identifying differences in the approaches taken by the TVs...