(2)The procedure for recognition of trading venues established in third countries set out in Article 28 of Regulation (EU) No 600/2014 aims to allow financial and certain non-financial counterparties established in the Union to conclude transactions in derivatives subject to the trading obligation on third-country trading venues recognised as equivalent. The recognition procedure and the equivalence decision thus increases transparency of derivatives trading, including where trading takes place in trading venues established in a third country.