Number and type of active market participants
Article 4
1. In relation to the number and type of active market participants, ESMA shall take into consideration the following elements: (a) the total number of market participants trading in that class of derivatives or relevant subset thereof is not lower than two; (b) the number of trading venues that have admitted to trading or are trading the class of derivatives or a relevant subset thereof; (c) the number of market makers and other market participants under a binding written agreement or an obligation to provide liquidity. 2. ESMA analysis shall compare the ratio of market participants to the findings in the data obtained for the analyses of average size of trades and the average frequency of trades.