European ministers are expected today to endorse new rules to prevent abuses such as insider trading in the continent’s expanding energy markets, reports the Financial Times.
Under the new regulations, traders in gas and electricity will have to register with one of the European Union’s 27 Member States and inform authorities about their transactions.
The new rules, proposed last December by Energy Commissioner Günther Oettinger, reflect concern in Brussels over insider trading and other forms of market manipulation. Power traded in the EU nearly tripled in volume between 2000 and 2009, partly due to liberalisation packages.
A scandal in the US involving the Amaranth Advisors hedge fund, which collapsed in 2006 after losing more than $5bn by betting on natural gas futures, has intensified calls for greater oversight in European energy markets.
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