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derivative as a commodity derivative traded on another trading venue where the following conditions are met:\\\n   <a id=\"art-5-p-1-a\"></a>a) both commodity derivatives have identical contractual specifications, terms and conditions, excluding post trade risk management arrangements;\\\n   <a id=\"art-5-p-1-b\"></a>b) both commodity derivatives form a single fungible pool of open interest or, in the case of commodity derivatives defined under point (c) of Article 4(1)(44) of Directive 2014/65/EU, of securities in issue by which the positions held in a commodity derivative traded on one trading venue may be closed out against the positions held in the commodity derivative traded on the other trading venue.\\\n2. <a id=\"art-5-p-2\"></a>A commodity derivative shall be considered to be traded in a significant volume on a trading venue when the trading in the commodity derivative on that trading venue over a consecutive three month period:\\\n   <a id=\"art-5-p-2-a\"></a>a) exceeds an average daily open interest of 10 000 lots in the spot and other months' combined; or\\\n   <a id=\"art-5-p-2-b\"></a>b) in the case of commodity derivatives defined under point (c) of Article 4(1)(44) of Directive 2014/65/EU, when the number of units traded multiplied by the price exceeds an average daily amount of 1 million EUR.\\\n3. <a id=\"art-5-p-3\"></a>The trading venue where the largest volume of trading in the same commodity derivative takes place shall be the trading venue that over one year has:\\\n   <a id=\"art-5-p-3-a\"></a>a) the largest average daily open interest; or\\\n   <a id=\"art-5-p-3-b\"></a>b) in the case of commodity derivatives defined under point (c) of Article 4(1)(44) of Directive 2014/65/EU, the highest average daily amount.\n\n","marks":[],"text_hash":"65a417fcb09a2a29b72abb9d0b7c8b3a6b278e555d343c43dd865c705d5de870","revision":1}}