Volatile energy markets and new risks to the financial stability in Europe

Seminar Thu 24 November 2022
time and place

Thursday 24 November 2022, 08:00–09:15
SNS, Jakobsbergsgatan 18, Stockholm. Breakfast is served from 07:40.

The price of energy in Europe has fluctuated and increased dramatically following Russia’s invasion of Ukraine. The crisis has exposed weaknesses in the European energy market design. The seminar discusses different approaches to dealing with the problems.

On the market for energy derivatives, energy firms hedge the prices on exchanges that act as so-called Central Counter Parties (CCPs). CCPs diversify risks but may face systemic risks in situations of extreme price volatility and if the trading members face liquidity constraints.

The leading CCP in the Swedish market is Nasdaq Clearing. After a meeting with the Swedish Financial Stability Council, the Swedish government issued on September 14 credit guarantees of 250 billion SEK primarily for the energy producers trading on the Nasdaq CCP, in order to reduce the risk to financial stability.

The energy crisis is pan-European, and similar conditions exist in other EU countries. The European Commission is now looking into possible European solutions and that work will most likely continue throughout the Swedish presidency next year.

SNS/SHoF Finance Panel is a meeting forum hosted by SNS and the Swedish House of Finance (SHoF) at the Stockholm School of Economics, Sweden’s national research center for financial economics. This seminar has been prepared in cooperation with the Representative Office of the European Commission in Stockholm.


Paulina Dejmek-Hack, Director for General Affairs, Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) (participates online)

Karolina Ekholm, Director General of the Swedish National Debt Office (participates on site)

Vincent Maurin, Assistant Professor, Department of Finance, Stockholm School of Economics (participates on site)

Daniela Peterhoff, President Clearing and Head European Markets Strategy, Nasdaq (participates on site)

Mats Persson, VP, Trading and Asset Optimisation, Fortum (participates on site)

The seminar is held in English and is chaired by Pehr Wissén, Professor Emeritus of Practice, Swedish House of Finance.

Registration and fee

The seminar is free of charge and open to SNS members*, SHoF partners **, researchers, invited individuals and the media.

The seminar will take place in person at the SNS offices at Jakobsbergsgatan 18, Stockholm. Register using the registration button above.

In case of cancellation after Tuesday 23 November or in case of no-show, SEK 395 ex, VAT will be charged for those who registered to participate on site (this also applies to those who participate free of charge).

*List of SNS members/Information on membership.
** SHoF Partners