Article 2 Average frequency of trades

In relation to the average frequency of trades, the competent authority shall take into consideration the following elements:

1. (a)

   the number of days on which trading took place;

2. (b)

   the number of trades.

The competent authority’s analysis of the criteria in paragraph 1 shall take into account the distribution of trading executed on trading venues and executed OTC. The competent authority shall assess these criteria over a period of time of sufficient length to determine whether the liquidity of each class of derivatives or a relevant subset thereof is subject to seasonal or structural factors. The competent authority shall also consider whether trades are concentrated at certain points in time and over certain sizes over the period assessed and determine to what extent such concentration constitutes predictable patterns.