Commission Delegated Regulation (EU) 2025/1246 of 18 June 2025 amending the regulatory technical standards laid down in Delegated Regulations (EU) 2017/583 and (EU) 2017/587 as regards transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances, and equity instruments

Asset class – Equity Derivatives	Asset class – Equity Derivatives	Asset class – Equity Derivatives	Asset class – Equity Derivatives	Asset class – Equity Derivatives	Asset class – Equity Derivatives	Asset class – Equity Derivatives	Asset class – Equity Derivatives	Asset class – Equity Derivatives
Sub-asset class	For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below	For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below	For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below	Transactions to be considered for the calculations of the thresholds	Pre-trade and post-trade SSTI and LIS threshold values determined for the sub-classes determined to have a liquid market on the basis of the average daily notional amount (ADNA) band to which the sub-class belongs	Pre-trade and post-trade SSTI and LIS threshold values determined for the sub-classes determined to have a liquid market on the basis of the average daily notional amount (ADNA) band to which the sub-class belongs	Pre-trade and post-trade SSTI and LIS threshold values determined for the sub-classes determined to have a liquid market on the basis of the average daily notional amount (ADNA) band to which the sub-class belongs	Pre-trade and post-trade SSTI and LIS threshold values determined for the sub-classes determined to have a liquid market on the basis of the average daily notional amount (ADNA) band to which the sub-class belongs
Sub-asset class	For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below	For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below	For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below	Transactions to be considered for the calculations of the thresholds	Average daily notional amount (ADNA)	LIS pre-trade	SSTI post-trade	LIS post-trade
Sub-asset class	For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below	For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below	For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below	Transactions to be considered for the calculations of the thresholds	Average daily notional amount (ADNA)	Threshold value	Threshold value	Threshold value
Stock index options	a stock index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	< EUR 100  m ADNA	EUR 25 000	EUR 1 000 000	EUR 1 500 000
Stock index options	a stock index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 100  m ≤ ADNA < EUR 200  m	EUR 3 000 000	EUR 25 000 000	EUR 30 000 000
Stock index options	a stock index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 200  m ≤ ADNA < EUR 600  m	EUR 5 500 000	EUR 50 000 000	EUR 55 000 000
Stock index options	a stock index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 600  m	EUR 20 000 000	EUR 150 000 000	EUR 160 000 000
Stock index futures/forwards	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	< EUR 100  m ADNA	EUR 25 000	EUR 1 000 000	EUR 1 500 000
Stock index futures/forwards	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 100  m ≤ ADNA < EUR 1  bn	EUR 550 000	EUR 5 000 000	EUR 5 500 000
Stock index futures/forwards	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 1  bn ≤ ADNA < EUR 3  bn	EUR 5 500 000	EUR 50 000 000	EUR 55 000 000
Stock index futures/forwards	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 3  bn ≤ ADNA < EUR 5  bn	EUR 20 000 000	EUR 150 000 000	EUR 160 000 000
Stock index futures/forwards	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	a stock index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying stock index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 5  bn	EUR 30 000 000	EUR 250 000 000	EUR 260 000 000
Stock options	a stock option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	< EUR 5  m ADNA	EUR 25 000	EUR 1 000 000	EUR 1 250 000
Stock options	a stock option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 5  m ≤ ADNA < EUR 10  m	EUR 300 000	EUR 1 250 000	EUR 1 500 000
Stock options	a stock option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 10  m ≤ ADNA < EUR 20  m	EUR 550 000	EUR 2 500 000	EUR 3 000 000
Stock options	a stock option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 20  m	EUR 1 500 000	EUR 5 000 000	EUR 5 500 000
Stock futures/forwards	a stock future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	< EUR 5  m ADNA	EUR 25 000	EUR 1 000 000	EUR 1 250 000
Stock futures/forwards	a stock future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 5  m ≤ ADNA < EUR 10  m	EUR 300 000	EUR 1 250 000	EUR 1 500 000
Stock futures/forwards	a stock future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 10  m ≤ ADNA < EUR 20  m	EUR 550 000	EUR 2 500 000	EUR 3 000 000
Stock futures/forwards	a stock future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	a stock future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 20  m	EUR 1 500 000	EUR 5 000 000	EUR 5 500 000
Stock dividend options	a stock dividend option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	< EUR 5  m ADNA	EUR 25 000	EUR 400 000	EUR 450 000
Stock dividend options	a stock dividend option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 5  m ≤ ADNA < EUR 10  m	EUR 30 000	EUR 500 000	EUR 550 000
Stock dividend options	a stock dividend option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 10  m ≤ ADNA < EUR 20  m	EUR 100 000	EUR 1 000 000	EUR 1 500 000
Stock dividend options	a stock dividend option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 20  m	EUR 150 000	EUR 2 000 000	EUR 2 500 000
Stock dividend futures/forwards	a stock dividend future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	< EUR 5  m ADNA	EUR 25 000	EUR 400 000	EUR 450 000
Stock dividend futures/forwards	a stock dividend future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 5  m ≤ ADNA < EUR 10  m	EUR 30 000	EUR 500 000	EUR 550 000
Stock dividend futures/forwards	a stock dividend future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 10  m ≤ ADNA < EUR 20  m	EUR 100 000	EUR 1 000 000	EUR 1 500 000
Stock dividend futures/forwards	a stock dividend future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	a stock dividend future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying share entitling to dividends	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 20  m	EUR 150 000	EUR 2 000 000	EUR 2 500 000
Dividend index options	a dividend index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	< EUR 100  m ADNA	EUR 25 000	EUR 1 000 000	EUR 1 500 000
Dividend index options	a dividend index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 100  m ≤ ADNA < EUR 200  m	EUR 3 000 000	EUR 25 000 000	EUR 30 000 000
Dividend index options	a dividend index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 200  m ≤ ADNA < EUR 600  m	EUR 5 500 000	EUR 50 000 000	EUR 55 000 000
Dividend index options	a dividend index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 600  m	EUR 20 000 000	EUR 150 000 000	EUR 160 000 000
Dividend index futures/forwards	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	< EUR 100  m ADNA	EUR 25 000	EUR 1 000 000	EUR 1 500 000
Dividend index futures/forwards	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 100  m ≤ ADNA < EUR 1  bn	EUR 550 000	EUR 5 000 000	EUR 5 500 000
Dividend index futures/forwards	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 1  bn ≤ ADNA < EUR 3  bn	EUR 5 500 000	EUR 50 000 000	EUR 55 000 000
Dividend index futures/forwards	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 3  bn ≤ ADNA < EUR 5  bn	EUR 20 000 000	EUR 150 000 000	EUR 160 000 000
Dividend index futures/forwards	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	a dividend index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying dividend index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 5  bn	EUR 30 000 000	EUR 250 000 000	EUR 260 000 000
Volatility index options	a volatility index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	< EUR 100  m ADNA	EUR 25 000	EUR 1 000 000	EUR 1 500 000
Volatility index options	a volatility index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 100  m ≤ ADNA < EUR 200  m	EUR 3 000 000	EUR 25 000 000	EUR 30 000 000
Volatility index options	a volatility index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 200  m ≤ ADNA < EUR 600  m	EUR 5 500 000	EUR 50 000 000	EUR 55 000 000
Volatility index options	a volatility index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 600  m	EUR 20 000 000	EUR 150 000 000	EUR 160 000 000
Volatility index futures/forwards	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	calculation of thresholds should be performed for each sub-class considering the transactions executed on instruments belonging to the sub-class	< EUR 100  m ADNA	EUR 25 000	EUR 1 000 000	EUR 1 500 000
Volatility index futures/forwards	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	calculation of thresholds should be performed for each sub-class considering the transactions executed on instruments belonging to the sub-class	EUR 100  m ≤ ADNA < EUR 1  bn	EUR 550 000	EUR 5 000 000	EUR 5 500 000
Volatility index futures/forwards	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	calculation of thresholds should be performed for each sub-class considering the transactions executed on instruments belonging to the sub-class	EUR 1  bn ≤ ADNA < EUR 3  bn	EUR 5 500 000	EUR 50 000 000	EUR 55 000 000
Volatility index futures/forwards	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	calculation of thresholds should be performed for each sub-class considering the transactions executed on instruments belonging to the sub-class	EUR 3  bn ≤ ADNA < EUR 5  bn	EUR 20 000 000	EUR 150 000 000	EUR 160 000 000
Volatility index futures/forwards	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	a volatility index future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying volatility index	calculation of thresholds should be performed for each sub-class considering the transactions executed on instruments belonging to the sub-class	ADNA ≥ EUR 5  bn	EUR 30 000 000	EUR 250 000 000	EUR 260 000 000
ETF options	an ETF option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	< EUR 5  m ADNA	EUR 25 000	EUR 1 000 000	EUR 1 250 000
ETF options	an ETF option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 5  m ≤ ADNA < EUR 10  m	EUR 300 000	EUR 1 250 000	EUR 1 500 000
ETF options	an ETF option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 10  m ≤ ADNA < EUR 20  m	EUR 550 000	EUR 2 500 000	EUR 3 000 000
ETF options	an ETF option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF option sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 20  m	EUR 1 500 000	EUR 5 000 000	EUR 5 500 000
ETF futures/forwards	an ETF future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	< EUR 5  m ADNA	EUR 25 000	EUR 1 000 000	EUR 1 250 000
ETF futures/forwards	an ETF future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 5  m ≤ ADNA < EUR 10  m	EUR 300 000	EUR 1 250 000	EUR 1 500 000
ETF futures/forwards	an ETF future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 10  m ≤ ADNA < EUR 20  m	EUR 550 000	EUR 2 500 000	EUR 3 000 000
ETF futures/forwards	an ETF future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	an ETF future/forward sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying ETF	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 20  m	EUR 1 500 000	EUR 5 000 000	EUR 5 500 000
Swaps	a swap sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the swap defined as follows:	a swap sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the swap defined as follows:	a swap sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the swap defined as follows:	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 50  m ≤ ADNA < EUR 100  m	EUR 300 000	EUR 1 250 000	EUR 1 500 000
Swaps	a swap sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the swap defined as follows:	a swap sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the swap defined as follows:	a swap sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the swap defined as follows:	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 100  m ≤ ADNA < EUR 200  m	EUR 550 000	EUR 2 500 000	EUR 3 000 000
Swaps	a swap sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the swap defined as follows:	a swap sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the swap defined as follows:	a swap sub-class is defined by the following segmentation criteria: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the swap defined as follows:	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 200  m	EUR 1 500 000	EUR 5 000 000	EUR 5 500 000
Swaps	Price return basic performance parameter	Parameter return variance/volatility	Parameter return dividend
Swaps	Maturity bucket 1: 0 < time to maturity ≤ 1 month	Maturity bucket 1: 0 < time to maturity ≤ 3 months	Maturity bucket 1: 0 < time to maturity ≤ 1 year
Swaps	Maturity bucket 2: 1 month < time to maturity ≤ 3 months	Maturity bucket 2: 3 months < time to maturity ≤ 6 months	Maturity bucket 2: 1 year < time to maturity ≤ 2 years
Swaps	Maturity bucket 3: 3 months < time to maturity ≤ 6 months	Maturity bucket 3: 6 months < time to maturity ≤ 1 year	Maturity bucket 3: 2 years < time to maturity ≤ 3 years
Swaps	Maturity bucket 4: 6 months < time to maturity ≤ 1 year	Maturity bucket 4: 1 year < time to maturity ≤ 2 years	…
Swaps	Maturity bucket 5: 1 year < time to maturity ≤ 2 years	Maturity bucket 5: 2 years < time to maturity ≤ 3 years	Maturity bucket m: (n-1) years < time to maturity ≤ n years
Swaps	Maturity bucket 6: 2 years < time to maturity ≤ 3 years	…
Swaps	…	Maturity bucket m: (n-1) years < time to maturity ≤ n years
Swaps	Maturity bucket m: (n-1) years < time to maturity ≤ n years
Portfolio Swaps	a portfolio swap sub-class is defined by a specific combination of: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the portfolio swap defined as follows: Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 6: 2 years < time to maturity ≤ 3 years … Maturity bucket m: (n-1) years < time to maturity ≤ n years	a portfolio swap sub-class is defined by a specific combination of: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the portfolio swap defined as follows: Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 6: 2 years < time to maturity ≤ 3 years … Maturity bucket m: (n-1) years < time to maturity ≤ n years	a portfolio swap sub-class is defined by a specific combination of: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the portfolio swap defined as follows: Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 6: 2 years < time to maturity ≤ 3 years … Maturity bucket m: (n-1) years < time to maturity ≤ n years	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 50  m ≤ ADNA < EUR 100  m	EUR 300 000	EUR 1 250 000	EUR 1 500 000
Portfolio Swaps	a portfolio swap sub-class is defined by a specific combination of: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the portfolio swap defined as follows: Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 6: 2 years < time to maturity ≤ 3 years … Maturity bucket m: (n-1) years < time to maturity ≤ n years	a portfolio swap sub-class is defined by a specific combination of: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the portfolio swap defined as follows: Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 6: 2 years < time to maturity ≤ 3 years … Maturity bucket m: (n-1) years < time to maturity ≤ n years	a portfolio swap sub-class is defined by a specific combination of: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the portfolio swap defined as follows: Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 6: 2 years < time to maturity ≤ 3 years … Maturity bucket m: (n-1) years < time to maturity ≤ n years	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	EUR 100  m ≤ ADNA < EUR 200  m	EUR 550 000	EUR 2 500 000	EUR 3 000 000
Portfolio Swaps	a portfolio swap sub-class is defined by a specific combination of: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the portfolio swap defined as follows: Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 6: 2 years < time to maturity ≤ 3 years … Maturity bucket m: (n-1) years < time to maturity ≤ n years	a portfolio swap sub-class is defined by a specific combination of: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the portfolio swap defined as follows: Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 6: 2 years < time to maturity ≤ 3 years … Maturity bucket m: (n-1) years < time to maturity ≤ n years	a portfolio swap sub-class is defined by a specific combination of: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the portfolio swap defined as follows: Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 6: 2 years < time to maturity ≤ 3 years … Maturity bucket m: (n-1) years < time to maturity ≤ n years	calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class	ADNA ≥ EUR 200  m	EUR 1 500 000	EUR 5 000 000	EUR 5 500 000
Portfolio Swaps	a portfolio swap sub-class is defined by a specific combination of: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the portfolio swap defined as follows: Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 6: 2 years < time to maturity ≤ 3 years … Maturity bucket m: (n-1) years < time to maturity ≤ n years	a portfolio swap sub-class is defined by a specific combination of: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the portfolio swap defined as follows: Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 6: 2 years < time to maturity ≤ 3 years … Maturity bucket m: (n-1) years < time to maturity ≤ n years	a portfolio swap sub-class is defined by a specific combination of: Segmentation criterion 1 – underlying type: single name, index, basket Segmentation criterion 2 – underlying single name, index, basket Segmentation criterion 3 – parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatility Segmentation criterion 4 – time to maturity bucket of the portfolio swap defined as follows: Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 6: 2 years < time to maturity ≤ 3 years … Maturity bucket m: (n-1) years < time to maturity ≤ n years

Table 6.3.

Equity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market

Asset class – Equity Derivatives	Asset class – Equity Derivatives	Asset class – Equity Derivatives	Asset class – Equity Derivatives
Sub-asset class	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
Sub-asset class	LIS pre-trade	SSTI post-trade	LIS post-trade
Sub-asset class	Threshold value	Threshold value	Threshold value
Swaps	EUR 25 000	EUR 100 000	EUR 150 000
Portfolio Swaps	EUR 25 000	EUR 100 000	EUR 150 000
Other equity derivatives	EUR 25 000	EUR 100 000	EUR 150 000 ’

• (5) in Section 7 ‘Commodity derivatives’, Table 7.2 ‘Commodity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 7.3 ‘Commodity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:

‘Table 7.2.

Commodity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market

Asset class – Commodity Derivatives	Asset class – Commodity Derivatives	Asset class – Commodity Derivatives	Asset class – Commodity Derivatives	Asset class – Commodity Derivatives	Asset class – Commodity Derivatives	Asset class – Commodity Derivatives	Asset class – Commodity Derivatives	Asset class – Commodity Derivatives	Asset class – Commodity Derivatives
Sub-asset class	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Sub-asset class	Transactions to be considered for the calculations of the thresholds	LIS pre-trade	LIS pre-trade	SSTI post-trade	SSTI post-trade	SSTI post-trade	LIS post-trade	LIS post-trade	LIS post-trade
Sub-asset class	Transactions to be considered for the calculations of the thresholds	Trade – percentile	Threshold floor	Trade – percentile	Volume – percentile	Threshold floor	Trade – percentile	Volume – percentile	Threshold floor
Metal commodity futures/forwards	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 500 000	80	60	EUR 750 000	90	70	EUR 1 000 000
Metal commodity options	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 500 000	80	60	EUR 750 000	90	70	EUR 1 000 000
Metal commodity swaps	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 500 000	80	60	EUR 750 000	90	70	EUR 1 000 000
Energy commodity futures/forwards	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 500 000	80	60	EUR 750 000	90	70	EUR 1 000 000
Energy commodity options	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 500 000	80	60	EUR 750 000	90	70	EUR 1 000 000
Energy commodity swaps	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 500 000	80	60	EUR 750 000	90	70	EUR 1 000 000
Agricultural commodity futures/forwards	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 500 000	80	60	EUR 750 000	90	70	EUR 1 000 000
Agricultural commodity options	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 500 000	80	60	EUR 750 000	90	70	EUR 1 000 000
Agricultural commodity swaps	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 500 000	80	60	EUR 750 000	90	70	EUR 1 000 000

Table 7.3.

Commodity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market

Asset class – Commodity Derivatives	Asset class – Commodity Derivatives	Asset class – Commodity Derivatives	Asset class – Commodity Derivatives
Sub-asset class	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
Sub-asset class	LIS pre-trade	SSTI post-trade	LIS post-trade
Sub-asset class	Threshold value	Threshold value	Threshold value
Metal commodity futures/forwards	EUR 500 000	EUR 750 000	EUR 1 000 000
Metal commodity options	EUR 500 000	EUR 750 000	EUR 1 000 000
Metal commodity swaps	EUR 500 000	EUR 750 000	EUR 1 000 000
Energy commodity futures/forwards	EUR 500 000	EUR 750 000	EUR 1 000 000
Energy commodity options	EUR 500 000	EUR 750 000	EUR 1 000 000
Energy commodity swaps	EUR 500 000	EUR 750 000	EUR 1 000 000
Agricultural commodity futures/forwards	EUR 500 000	EUR 750 000	EUR 1 000 000
Agricultural commodity options	EUR 500 000	EUR 750 000	EUR 1 000 000
Agricultural commodity swaps	EUR 500 000	EUR 750 000	EUR 1 000 000
Other commodity derivatives	EUR 500 000	EUR 750 000	EUR 1 000 000 ’

• (6) in Section 8 ‘Foreign exchange derivatives’, Table 8.2 ‘Foreign exchange derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ is replaced by the following:

‘Table 8.2.

Foreign exchange derivatives – pre-trade and pot-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market

Asset class – Foreign Exchange Derivatives	Asset class – Foreign Exchange Derivatives	Asset class – Foreign Exchange Derivatives	Asset class – Foreign Exchange Derivatives
Sub-asset class	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
Sub-asset class	LIS pre-trade	SSTI post-trade	LIS post-trade
Sub-asset class	Threshold value	Threshold value	Threshold value
Non-deliverable forward (NDF)	EUR 5 000 000	EUR 20 000 000	EUR 25 000 000
Deliverable forward (DF)	EUR 5 000 000	EUR 20 000 000	EUR 25 000 000
Non-Deliverable FX options (NDO)	EUR 5 000 000	EUR 20 000 000	EUR 25 000 000
Deliverable FX options (DO)	EUR 5 000 000	EUR 20 000 000	EUR 25 000 000
Non-Deliverable FX swaps (NDS)	EUR 5 000 000	EUR 20 000 000	EUR 25 000 000
Deliverable FX swaps (DS)	EUR 5 000 000	EUR 20 000 000	EUR 25 000 000
FX futures	EUR 5 000 000	EUR 20 000 000	EUR 25 000 000
Other Foreign Exchange Derivatives	EUR 5 000 000	EUR 20 000 000	EUR 25 000 000 ’

• (7) in Section 9 ‘Credit derivatives’, Table 9.2 ‘Credit derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 9.3 ‘Credit derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:

‘Table 9.2.

Credit Derivatives – pre- and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market