Intercontinental Exchange Inc. (ICE) said Friday it would launch a market for trading Title Transfer Facility (TTF) contracts in London that are subject to the European Union (EU) cap on the continent’s gas benchmark that takes effect next month.

“ICE’s purpose is to create markets to allow our customers to manage their risk and we have a duty to our customers to provide solutions to the problems they face,” said ICE’s Trabue Bland, senior vice president of futures exchanges.

Bland said TTF futures listed on the ICE Futures Europe market in London would offer an alternative venue providing the exchange’s customers with an “insurance option” if the EU’s price control mechanism “prevents them from trading and adequately managing their risk exposure.”