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Recital 8

Recital 8

(8)In order to ensure a balanced distribution of trades, the maturity ranges and trade size ranges of the most relevant subcategories per classes of derivatives, the number of most relevant subcategories, and the durations of the reference period per clearing service deemed of substantial systemic importance should be based on the respective liquidity and typical distribution across market participants. Considering that the universe of typical trades varies significantly across the classes of derivatives considered, it is appropriate to mandate counterparties to pick five most relevant subcategories for each of the three selected classes of interest rate derivatives denominated in euro, one most relevant subcategory for each of the two selected classes of interest rate derivatives denominated in Polish zloty and four most relevant subcategories for each of the two selected classes of short-term interest rate derivatives denominated in euro.

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