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Version status: In force | Document consolidation status: Assimilated law updated to reflect all known changes
Version date: 31 December 2020 - onwards
Version 2 of 2

Article 2 Significant and adverse impact on market integrity

The FCA shall assess whether there is a significant and adverse impact on market integrity in accordance with the following criteria:

(a) the value of financial instruments that reference the benchmark, either directly or indirectly within a combination of benchmarks, and that are traded on trading venues in the United Kingdom, both in absolute terms and relative to the total value of financial instruments that are traded on trading venues in the United Kingdom;

(b) the value of financial contracts that reference the benchmark, either directly or indirectly within a combination of benchmarks, in the United Kingdom, both in absolute terms and relative to the total value of financial contracts outstanding in the United Kingdom;

(c) the value of investment funds referencing the benchmark for measuring their performance, either directly or indirectly within a combination of benchmarks, in the United Kingdom, both in absolute terms and relative to the total value of investment funds authorised or notified for marketing in the United Kingdom;

(d) whether the benchmark has been nominated, in accordance with Article 28(2) of Regulation (EU) 2016/1011, as a potential substitute for, or has already been used as a successor to, other benchmarks that are included in the list of critical benchmarks referred to in Article 20(1) of Regulation (EU) 2016/1011;

(e) with reference to standards for accounting purposes or other regulatory purposes:

(i) whether the benchmark is used as a reference for prudential regulation such as capital, liquidity or leverage requirements;