(a)

the effectiveness and proportionality of any decision or action in relation to an individual CCP are ensured, taking into account at least the following factors: the CCP’s legal form, ownership and organisational structure, including, where applicable, any interdependencies within the group to which the CCP belongs; the nature, size and complexity of the CCP’s business, in particular the size, structure and liquidity in stressed conditions of the markets it serves; the structure, nature and diversity of the CCP’s clearing membership, as well as, to the extent the information is available, of its clearing members’ network of clients and indirect clients; the substitutability of the CCP’s critical functions in the markets it serves; the CCP’s interconnectedness with other FMIs, trading venues, financial institutions and with the financial system in general; whether the CCP clears any OTC derivative contract pertaining to a class of OTC derivatives that has been declared subject to the clearing obligation in accordance with Article 5(2) of Regulation (EU) No 648/2012; and the actual or potential consequences of the infringements referred to in Articles 18(1) and 22(2).

← art_7__text_1 · All articles · art_7__point_a__text_1 →

Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.