In September 2022, the Title Transfer Facility (TTF) prices spiked at unprecedented levels. For various reasons, including the Russian invasion of Ukraine, Europe was facing an energy crisis: gas supply was significantly reduced while demand remained unchanged. Policymakers responded with a variety of measures, including regulatory interventions on the TTF market. While seeking to improve the situation in the ‘real world economy’, these measures have an important financial regulatory angle. This article investigates the potential impact of these interventions, in particular of the Market Correction Mechanism, on the wholesale gas market from a financial markets perspective. Considering, amongst others, observations from the EU Agency for the Cooperation of Energy Regulators, the European Securities and Markets Authority, and the European Central Bank, it appears that these interventions may have unintended negative consequences in light of the functioning and attractiveness of the Capital Markets Union and achieving strategic autonomy.

中文翻译：

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欧洲能源危机、荷兰TTF和市场修正机制：金融市场视角

2022 年 9 月，产权转让便利 (TTF) 价格飙升至前所未有的水平。由于俄罗斯入侵乌克兰等多种原因，欧洲面临能源危机：天然气供应大幅减少，而需求却保持不变。政策制定者采取了多种措施来应对，包括对 TTF 市场的监管干预。在寻求改善“现实世界经济”状况的同时，这些措施具有重要的金融监管角度。本文从金融市场的角度研究了这些干预措施，特别是市场修正机制对天然气批发市场的潜在影响。考虑到欧盟能源监管机构合作机构、欧洲证券和市场管理局以及欧洲中央银行的观察结果，鉴于首都的运作和吸引力，这些干预措施似乎可能会产生意想不到的负面后果。市场联盟并实现战略自主。