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Article 3 – Asset-class specific criteria for package orders consisting exclusively of equity derivatives ⬅️ | ➡️ Article 5 – Asset-class specific criteria for package orders consisting exclusively of commodity derivatives
Article 4 - Asset-class specific criteria for package orders consisting exclusively of credit derivatives
The asset-class specific criteria referred to in Article 1(b)(iv) for package orders consisting exclusively of credit derivatives as referred to in in Section 9 of Annex III to Delegated Regulation (EU) 2017/583 shall be the following:
(a)
the package order has no more than two components;
(b)
all components of the package order are index credit default swaps as referred to in Section 9 of Annex III to Delegated Regulation (EU) 2017/583;
(c)
all components of the package order are denominated in the same notional currency of either EUR or USD;
(d)
all components of the package order have the same underlying index;
(e)
all components of the package order have a tenor of 5 years;
(f)
the package order replaces a position in a next-to-recent version of an index series (latest off-the-run) with a position in the most recent version (on-the-run).