(1) The Bank of England must determine whether the applicant is systemically important or likely to become systemically important for the financial stability of the United Kingdom (a "Tier 2 CCP") by taking into account all of the following criteria -

(a) the nature, size and complexity of the applicant's business in the United Kingdom, and outside the United Kingdom to the extent that its business may have a systemic impact on the United Kingdom, including -

(i) the value in aggregate terms and in pounds sterling of transactions cleared by the applicant, or the aggregate exposure of the applicant engaged in clearing activities to its clearing members and, to the extent the information is available, their clients and indirect clients established in the United Kingdom, including where they have been identified by the PRA as other systemically important institutions (O-SIIs) in accordance with regulation 29 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 [S.I. 2014/894. Regulation 29 is amended by S.I. 2018/1401.]; and

(ii) the risk profile of the applicant in terms of, amongst other things, legal, operational and business risk;

(b) the effect that the failure of, or a disruption to, the applicant would have on -