(2)Implementing Regulation (EU) 2016/1646 also specifies that institutions should also have the possibility to recognise as eligible collateral instruments included in main indices that do not meet the abovementioned criteria, but whose components are sufficiently traded, and considers new criteria for the identification of those indices. However, experience has demonstrated that those criteria, defined with respect to the market in which an index is based, are difficult to apply against a main index established in a third country, as they require collecting data for all the shares admitted to trading in that market. That difficulty has inhibited the proper achievement of the objective of Regulation (EU) No 575/2013 to ensure a minimum threshold of liquidity of the index components. It is therefore necessary to lay down new criteria that would address the identified shortcomings. Those new criteria should ensure the adequacy of the instruments as eligible collateral and hence, ensure a sufficient liquidity threshold independently from the market on which an index is based, where two conditions related to standard market liquidity indicators are fulfilled. The first condition should require that at least 80 % of the components of an index have a free float of at least EUR 25 000 000 or, in the absence of information about free float, a market capitalisation of at least EUR 50 000 000. The second condition should require that all components of the index having a market capitalisation smaller than or equal to EUR 10 000 000 000 have a minimum average daily turnover of EUR 500 000 and all components of the index having a market capitalisation greater than EUR 10 000 000 000 have a minimum average daily turnover of EUR 1 000 000. The average daily turnover should be calculated over the 12 months of the calendar year preceding the assessment, or where applicable, the period of the 12 months of the preceding calendar year during which the financial instrument was available for trading.