MAR 10A.2 Annual threshold and ancillary activity exclusions

P is not an investment firm where the net outstanding notional exposure in commodity derivatives or emission allowances, for cash settlement, traded in the United Kingdom:

1. (1) calculated in accordance with MAR 10A.3.1R; and
2. (2) excluding commodity derivatives or emission allowances traded on a trading venue,

is below an annual threshold of £3 billion.

P’s activities in the United Kingdom are ancillary to the main business at group level for the purposes of the ancillary activity exclusion where they comply with any of the following conditions:

1. (1) in accordance with MAR 10A.3.2R, the size of those activities accounts for 50% or less of the total size of the other trading activities of the group; or
2. (2) the estimated capital employed for carrying out those activities, calculated in accordance with MAR 10A.3.3R(1) to (5), accounts for not more than 50% of the capital employed at group level for carrying out the main business calculated in accordance with MAR 10A.3.3R(6).