Article 5
Same commodity derivatives and significant volumes
1. A commodity derivative traded on a trading venue shall be considered the same commodity derivative as a commodity derivative traded on another trading venue where the following conditions are met:
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(a) |
both commodity derivatives have identical contractual specifications, terms and conditions, excluding post trade risk management arrangements; |
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(b) |
both commodity derivatives form a single fungible pool of open interest or, in the case of commodity derivatives defined under point (c) of Article 4(1)(44) of Directive 2014/65/EU, of securities in issue by which the positions held in a commodity derivative traded on one trading venue may be closed out against the positions held in the commodity derivative traded on the other trading venue. |
2. A commodity derivative shall be considered to be traded in a significant volume on a trading venue when the trading in the commodity derivative on that trading venue over a consecutive three month period:
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(a) |
exceeds an average daily open interest of 10 000 lots in the spot and other months' combined; or |
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(b) |
in the case of commodity derivatives defined under point (c) of Article 4(1)(44) of Directive 2014/65/EU, when the number of units traded multiplied by the price exceeds an average daily amount of 1 million EUR. |
3. The trading venue where the largest volume of trading in the same commodity derivative takes place shall be the trading venue that over one year has:
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(a) |
the largest average daily open interest; or |
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(b) |
in the case of commodity derivatives defined under point (c) of Article 4(1)(44) of Directive 2014/65/EU, the highest average daily amount. |