Article 4
Number and type of active market participants
1. In relation to the number and type of active market participants, ESMA shall take into consideration the following elements:
|
(a) |
the total number of market participants trading in that class of derivatives or relevant subset thereof is not lower than two; |
|
(b) |
the number of trading venues that have admitted to trading or are trading the class of derivatives or a relevant subset thereof; |
|
(c) |
the number of market makers and other market participants under a binding written agreement or an obligation to provide liquidity. |
2. ESMA analysis shall compare the ratio of market participants to the findings in the data obtained for the analyses of average size of trades and the average frequency of trades.