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Test"},"act_anchor":"#art-4"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2021/1833/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifid-ii/level-2/delegated-acts/2021-1833-commission-delegated-regulation-eu-2021-1833-of-14-july.md","unit_text_sha256":"ae31b297e2661ebfe1606ef98b576798450c572dc55da87819dee3cf1a535e52","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifid-ii/level-2/delegated-acts/2021-1833-commission-delegated-regulation-eu-2021-1833-of-14-july/art-4","kind":"article","key":"4","heading":"Article 4 — Trading Test","text":"## <a id=\"art-4\"></a>Article 4 — Trading Test\n\n1. <a id=\"art-4-p-1\"></a>The size of the activities referred to in Article 2, paragraph 1, point (b), undertaken in the Union by a person within a group shall be calculated by aggregating the gross notional value of all contracts in commodity derivatives or emission allowances or derivatives thereof to which that person is a party.\nThe aggregation referred to in the first subparagraph shall not include contracts resulting from transactions referred to in Article 2(4), fourth subparagraph, points (a), (b) and (c), of Directive 2014/65/EU or contracts where the person within the group that is a party to any of them is authorised in accordance with Directive 2014/65/EU or Directive 2013/36/EU.\n1. <a id=\"art-4-p-2\"></a>The total size of the other trading activities of the group referred to in Article 2, paragraph 1, point (b), shall be calculated by aggregating the gross notional value of all contracts in commodity derivatives, emission allowances and derivatives thereof to which persons within that group are a party.\nThe aggregation referred to in the first subparagraph shall include contracts resulting from transactions referred to in Article 2(4), fourth subparagraph, points (a), (b) and (c), of Directive 2014/65/EU or contracts where the person within the group that is a party to any of them is authorised in accordance with Directive 2014/65/EU or Directive 2013/36/EU.\n1. <a id=\"art-4-p-3\"></a>The overall market trading activities referred to in paragraphs 1 and 2 shall be calculated by aggregating the gross notional value of all contracts that are not traded on a trading venue to which any person located in the Union is a party and of any other contracts that is traded on a trading venue located in the Union during the relevant annual accounting period referred to in Article 6(2).\n1. <a id=\"art-4-p-4\"></a>The aggregate values referred to in this Article shall be denominated in euro.\n\n","marks":[],"text_hash":"ae31b297e2661ebfe1606ef98b576798450c572dc55da87819dee3cf1a535e52","revision":1}}