Recital 3

(3)A high volume of daily average turnover of net Over The Counter (OTC) interest rate derivatives represents a good indicator of the liquid nature of their respective underlying currencies. It is therefore appropriate to consider that turnover indicator for specifying which currencies should constitute the most liquid currencies sub-category of the broad category of interest rate risk factor of Table 2 of Article 325bd of Regulation (EU) No 575/2013. The Bank for International Settlements (BIS) Triennial Central Bank Survey of OTC interest rate derivatives turnover ² constitutes a reliable source of statistics to evaluate the OTC interest rate derivatives turnover by instrument and by currency. For that reason, and in order to ensure consistency with international practices, it is appropriate to consider the results of that survey for the purposes of specifying the currencies constituting the most liquid currencies sub-category.