CHAPTER II

DETERMINATION OF THE MOST RELEVANT CURRENCIES AND PRACTICAL ARRANGEMENTS FOR THE CONSULTATION OF THE RELEVANT COMPETENT AUTHORITIES

(Article 12(1)(b) and (c) of Regulation (EU) No 909/2014)

Determination of most relevant currencies
Article 2
1
The most relevant currencies referred to in point (b) of Article 12(1) of Regulation (EU) No 909/2014 shall be identified according to either of the following calculations:
a
the relative share of each Union currency in the total value of the settlement by a CSD of settlement instructions against payment, calculated over a period of one year, provided that each individual share exceeds 1 %;
b
the relative share of settlement instructions against payment settled by a CSD in a Union currency compared to the total value of settlement instructions against payment settled in that currency across all CSDs in the Union, calculated over a period of one year, provided that each individual share exceeds 10 %.
2
The calculations referred to in paragraph 1 shall be done on an annual basis by the competent authority of each CSD.