Article 4 — Representativeness obligation for interest rate OTC derivatives denominated in euro

1.Counterparties subject to the obligation set out in Article 7a(1) of Regulation (EU) No 648/2012, and clearing interest rate OTC derivatives denominated in euro, shall clear at least the required minimum number of trades as set forth in the fifth subparagraph of Article 7a(4) in Regulation (EU) No 648/2012 in each of the five most relevant subcategories at an authorised CCP for each class of derivatives denominated in euro set out in Annex I to Commission Delegated Regulation (EU) 2015/2205.

2.For each class of derivatives referred to in paragraph 1 of this Article, counterparties referred to in that paragraph shall identify the five most relevant subcategories in which they clear the most trades at a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012. The five most relevant subcategories shall be selected, for each class of derivatives referred to in paragraph 1 of this Article, among the subcategories set out respectively in Table 1, Table 2 and Table 3 of Annex I to this Regulation, and over the reference period referred to in paragraph 3.

3.For interest rate OTC derivatives denominated in euro, the reference period referred to in Article 7a(4), fifth subparagraph, first sentence, of Regulation (EU) No 648/2012 shall be:

4.For the purposes of paragraphs 1 to 3, counterparties shall be able to demonstrate to the competent authority concerned that there are no systematic or material differences in average trade sizes and maturities between the derivatives cleared at an authorised CCP and derivatives cleared at a clearing service of substantial systemic importance.