Article 1 Subject matter and scope

This Regulation sets out 1the details of the data requests to be sent by the FCA and the details of the reply to those requests to be sent by trading venues, approved publication arrangements (APAs) and consolidated tape providers (CTPs), for the purposes of calculating and adjusting the pre-trade and post-trade transparency and trading obligation regime1 and in particular for the purposes of determining the following factors:

1. (a)

   whether equity, equity-like and non-equity financial instruments have a liquid market;

2. (b)

   the thresholds for pre-trade transparency waivers for

   equity, equity-like and non-equity financial instruments;

3. (c)

   the thresholds for post-trade transparency deferrals for equity, equity-like and non-equity financial instruments;

4. (d)

   when the liquidity of a class of financial instruments falls below a specified threshold;

5. (e)

   whether an investment firm is a systematic internaliser;

6. (f)

   the standard market size applicable to systematic internalisers dealing in equity and equity-like instruments, and the size specific to the instrument applicable to systematic internalisers dealing in non-equity instruments;

7. (g)

   [deleted]1

8. (h)

   whether derivatives are sufficiently liquid for the purposes of implementing the trading obligation for derivatives.