Recital 1

(1)Regulation (EU) No 600/2014 requires financial counterparties and non-financial counterparties above the clearing threshold as referred to in Article 4 of Regulation (EU) No 648/2012 of the European Parliament and of the Council ² established in the Union to conclude transactions in derivatives pertaining to a class of derivatives that has been declared subject to the trading obligation only on regulated markets, multilateral trading facilities (MTFs), organised trading facilities (OTFs) and third-country trading venues recognised by the Commission as equivalent. The relevant third country should provide for an effective equivalent system for the recognition of trading venues authorised under Directive 2014/65/EU of the European Parliament and of the Council ³ .