(i)

reflect the CCP’s risk profile arising from its business model and product mix, including considerations as to its market liquidity, market concentration, the role of direct clearing members and their clients, settlement methodologies, currencies and clearing hours, as well as trading venues served;

(ii)

take into account the CCP’s specific structure and organisational set-up, including considerations as to its default waterfall segregation and risk-pooling possibilities across services;

(iii)

take into account the CCP’s dependencies on relevant entities, including related group entities and third parties;