According to a statement from the London ICE exchange provided to the European Commission, traders will lose $33 billion if the EU countries implement gas price cap, according to a report in the Financial Times.

Trade insurance costs for investors who use the TTF futures market may rise by 80%. This might cause the market to become unstable, according to analysts at the ICE exchange.

Sources quoted by Bloomberg note that European nations are still unable to come to an agreement on a gas price cap. La Repubblica reports that the European Union may decide to put off making a decision over a gas price cap until December.

The EU leadership’s strategy calls for two conditions before the gas price cap is implemented. First, gas must be more expensive than €275 per MWh (or $3,000 per 1,000 cubic meters) for at least two weeks on the Amsterdam Stock Exchange. Second, the price differential with LNG must exceed €58 for a minimum of ten days.

source: bloomberg.com