EU review flags algo-trading risks
But intervention is unnecessary, says Commission’s Gas Market Task Force
Brussels’ Gas Market Task Force says algorithmic and AI-driven trading now dominates natural gas benchmarks. The EU Commission wants regulators to watch it more closely, without reining it in.
The Gas Market Task Force (GMTF), created by the European Commission in February 2025, published its findings on 1 June. The body brings together Commission departments DG COMP, DG ENER, DG FISMA and DG CLIMA with pan-EU energy regulator agency ACER and market watchdog ESMA.
Main finding: The report singles out algorithmic trading as a structural feature of EU gas markets that warrants ongoing scrutiny. “Algorithmic trading is widely used by most (if not all) market participants in spot gas and gas derivatives markets in the EU,” it states, noting it “has become the prevalent form of trading in key gas benchmarks.”
Why it matters: Algos are now woven into price formation on the TTF, Europe’s gas benchmark and an increasingly global reference. How they behave under stress shapes what consumers and industry ultimately pay.
The risks, as the GMTF frames them, fall into three buckets:
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