Article 32 Trading obligation procedureF1

F2The FCA may make technical standards to specify the following:

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In order for the trading obligation to take effect:

In developing the F5... technical standards referred to in paragraph 1, F6the FCA shall consider the class of derivatives or a relevant subset thereof as sufficiently liquid pursuant to the following criteria:

In preparing those ... technical standards, the FCA shall take into consideration the anticipated impact that trading obligation might have on the liquidity of a class of derivatives or a relevant subset thereof and the commercial activities of end users which are not financial entities.

The FCA shall determine whether the class of derivatives or relevant subset thereof is only sufficiently liquid in transactions below a certain size.

F7The FCA shall, on its own initiative, in accordance with the criteria set out in paragraph 2 and after conducting a public consultation, identify and notify to the F8Treasury the classes of derivatives or individual derivative contracts that should be subject to the obligation to trade on the venues referred to in Article 28(1), but for which no CCP has yet received authorisation under Article 14 or 15 of Regulation (EU) No 648/2012 or which is not admitted to trading or traded on a trading venue referred to in Article 28(1).

Following the notification by the FCA referred to in the first subparagraph, the Treasury may publish a call for development of proposals for the trading of those derivatives on the venues referred to in Article 28(1).

F9The FCA shall in accordance with paragraph 1, F10make technical standards to amend, suspend or revoke existing F11... technical standards whenever there is a material change in the criteria set out in paragraph 2. F12...

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F13The FCA may make technical standards to specify the criteria referred to in paragraph 2(b).

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