The proportion of European gas derivatives traded over-the-counter boomed by almost three-fourths over the past 12 months – a shift that could be exacerbated by the European Union’s introduction of a price cap during bouts of volatility, a European Securities and Markets Authority (Esma) report suggests.

At €102 billion ($111 billion), the notional amounts of futures and options traded bilaterally accounted for 25% of all outstanding contracts as of the second week of January, up from 15% a