+Article 4b 3.

Article 4b 3.

An eligible PTRR exercise shall:

(a) 

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;

(b) 

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

(c) 

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;

(d) 

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

(e) 

be market risk neutral;

(f) 

not contribute to price formation;

(g) 

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

(h) 

be executed on a bilateral or multilateral basis.

1. Prezentare generală

,

1.1 Referințe

1.2 Cerințe identificate

1.3 Standarde asociate

2. Cerințe identificate

Cerințe

3. Standarde asociate

Standarde
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