Article 5 › 4

With the overarching aim of reducing systemic risk, the draft regulatory technical standards for the part referred to in paragraph 2(a) shall take into consideration the following criteria: (a) the degree of standardisation of the contractual terms and operational processes of the relevant class of OTC derivatives; (b) the volume and liquidity of the relevant class of OTC derivatives; (c) the availability of fair, reliable and generally accepted pricing information in the relevant class of OTC derivatives. In preparing those draft regulatory technical standards, ESMA may take into consideration the interconnectedness between counterparties using the relevant classes of OTC derivatives, the anticipated impact on the levels of counterparty credit risk between counterparties as well as the impact on competition across the Union. In order to ensure consistent application of this Article, ESMA shall develop draft regulatory technical standards further specifying the criteria referred to in points (a), (b) and (c) of the first subparagraph. ESMA shall submit those draft regulatory technical standards to the Commission by 30 September 2012. Power is delegated to the Commission to adopt regulatory technical standards referred to in the third subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04