Article 5 Impact on UK market liquidity and efficiency

In determining whether a market practice proposed to be established as an AMP complies with the criterion set out in point (c) of Article 13(2) of Regulation (EU) No 596/2014, the Financial Conduct Authority shall assess the impact the market practice has on at least the following elements:

1. (a)

   volume traded;

2. (b)

   number of orders in the order book (order depth);

3. (c)

   speed of execution of the transactions;

4. (d)

   volume weighted average price of a single session, daily closing price;

5. (e)

   bid/offer spread, price fluctuation and volatility;

6. (f)

   regularity of quotations or transactions.