Number and type of active market participants
Article 4
1
In relation to the number and type of active market participants, ESMA shall take into consideration the following elements:
a
the total number of market participants trading in that class of derivatives or relevant subset thereof is not lower than two;
b
the number of trading venues that have admitted to trading or are trading the class of derivatives or a relevant subset thereof;
c
the number of market makers and other market participants under a binding written agreement or an obligation to provide liquidity.
2
ESMA analysis shall compare the ratio of market participants to the findings in the data obtained for the analyses of average size of trades and the average frequency of trades.