(5)Responses to the public consultation point to the fact that the USDINR, USDKRW, USDTWD and USDPHP are each used on a frequent, systematic and regular basis to hedge against adverse foreign exchange rate movements in the Union. Around 70 %- 80 % of the notional value of trades in foreign exchange forward and swap contracts referencing USDINR, USDKRW, USDTWD and USDPHP correspond to the hedging activity of local foreign currency exposure in the Union. Those spot foreign exchange benchmarks thus comply with the condition laid down in Article 18a(1), point (b)(i), of Regulation (EU) 2016/1011. Those responses also demonstrated that none of those spot foreign exchange benchmarks have an equivalent alternative benchmark provided by an administrator located in the Union, and thus comply with the requirement laid down in Article 18a(1), point (b)(ii), of Regulation (EU) 2016/1011. Those spot foreign exchange benchmarks should therefore be designated as spot foreign exchange benchmarks that fulfil the criteria laid down in Article 18a(1) of Regulation (EU) 2016/1011.