Eligibility criteria for lead mandates for syndicated transactions
Article 8
Members of the primary dealer network are eligible to serve as lead managers for syndicated transactions, subject to the fulfilment of the following criteria: (a) having bought a minimum share of auctioned volumes by the Union and the Euratom, on weighted average based on the last auctions on a rolling basis; (b) having provided evidence, based on the transaction data reported in accordance with this Decision, of having a minimum market share among primary dealers in Union and Euratom debt securities on the secondary markets on a rolling basis; (c) having complied with the minimum requirements of the quoting arrangements during the observation period; (d) having agreed, as part of the GTC, with the general terms and conditions for mandates for syndicated transactions and with the fee schedule. The minimum shares referred to in first paragraph, points (a) and (b), the minimum requirements referred to in the first paragraph, point (c), as well as other detailed rules for lead mandates shall be based on best market practices in particular of peer issuers and shall reflect the balance of benefits and obligations for the members of the primary dealer network. Where the criterion includes relative shares, the percentages shall take into account the total number of primary dealers.