(4)With the commencement of a new regime regulating operators of trading platforms for OTC derivatives in Singapore and designating the most liquid derivatives as subject to a domestic trading mandate, it is necessary to address potential risks of liquidity fragmentation by ensuring that trading platforms established in Singapore are recognised as eligible for compliance with the Union trading obligation. Trading platforms operating in Singapore offer important trading volumes in derivatives and it is important that Union firms are able to access the liquidity stemming from Asian counterparts in Singapore for efficient risk management, especially outside of European trading hours. This Decision is based on a detailed assessment of the legal and supervisory framework governing trading platforms under the Securities and Futures Act (SFA) in Singapore and its implementing regulations.