Recital 13

(13) Directive 2014/65/EU contains rules that require trading venues to implement mechanisms designed to limit excessive volatility in the markets, in particular trading halts and price collars. However, the extreme circumstances to which markets for energy derivatives and for commodity derivatives have been subject throughout the energy crisis of 2022 have led to further scrutiny of those mechanisms and have shown that there is a lack of transparency with regard to the activation of those mechanisms by the relevant trading venues in the Union, as highlighted in ESMA’s answer of 22 September 2022 to the Commission’s call for advice to address the excessive volatility in markets for energy derivatives. Market participants would benefit from further information and more transparency on the circumstances that lead to the halting or constraining of trading and on the principles that regulated markets are to consider for establishing the main technical parameters for halting or constraining trading. ESMA should establish, by means of draft regulatory technical standards, the principles that the regulated markets are to consider for establishing the main technical parameters for halting or constraining trading. Due to the importance of ensuring orderly trading, regulated markets should maintain broad discretion with regard to which mechanisms to use and which parameters to set for those mechanisms. In addition, national competent authorities should carefully monitor the use of those mechanisms by trading venues and make use of their supervisory powers where appropriate.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.