Recital 3

(3)Respondents to the public consultation provided data that demonstrated that during a six-month period covering the second half of 2024, the total average value of non-deliverable foreign exchange forward and swap contracts referencing the USDINR, USDKRW and USDTWD in the Union exceeded the EUR 50 billion threshold for significant benchmarks laid down in Article 24(1), point (a) of Regulation (EU) 2016/1011. While the reported total average value of non-deliverable foreign exchange forward and swap contracts referencing the USDPHP over the same period was less than EUR 50 billion, it is likely to have exceeded that threshold since then, or to exceed it soon based on the general trend of the foreign exchange market ⁴ . Consequently, Titles II, III, with the exception of Articles 23a, 23b and 23c, IV, V and VI of Regulation (EU) 2016/1011 could be likely to apply in respect of these benchmarks if they are not designated by the Commission.