(Article 4(1)(a) of Regulation (EU) No 600/2014)

-1. For the purposes of this Article, Article 2(1)(62) of Regulation 600/2014/EU shall not apply.

1. For the purposes of Article 4(1)(a) of Regulation (EU) No 600/2014, the most relevant market in terms of liquidity for a share, depositary receipt, ETF, certificate or other similar financial instrument shall be considered to be the trading venue with the highest turnover within the relevant area for that financial instrument except where Article 4(1A) of this Regulation applies.

1A. Where a share, depositary receipt, ETF, certificate or other similar financial instrument is admitted to trading in a third country, the most relevant market in terms of liquidity may be considered to be the third-country trading venue where that financial instrument was first admitted to trading.

2. For the purpose of determining the most relevant markets in terms of liquidity in accordance with paragraph 1, the FCA shall calculate the turnover in accordance with the methodology set out in Article 17(4) in respect of each financial instrument that is traded on a UK trading venue and for each trading venue in the relevant area where that financial instrument is traded.

3. The calculation referred to in paragraph 2 shall have the following characteristics:

(a) it shall include, for each trading venue in the relevant area, transactions executed under the rules of that trading venue excluding: