Article 4b 3.

be performed by an entity authorised in accordance with Article 7 of the Directive 2014/65/EU that is independent of the counterparties to the OTC derivative contracts included in the PTRR exercise;

achieve a reduction in risk in each of the portfolios submitted to the PTRR exercise;

be accepted in full and, as a result, the participants in the PTRR exercise shall not be able to choose which trades to execute under the PTRR exercise;

be open for participation only to the entities that initially submitted a portfolio to the PTRR exercise;

be market risk neutral;

not contribute to price formation;

take the form of a compression, rebalancing or optimisation exercise or a combination thereof;

be executed on a bilateral or multilateral basis.