The review of the standard parameters for certain asset classes, such as fixed-income securities and long-term infrastructure, may need to be prioritised.

2. Where EIOPA, in close co-operation with ESRB, observes a stressed situation of financial markets for a given currency and where EIOPA demonstrates that this temporary and exceptional situation is more likely than not to result in undertakings selling a large and substantial part of their fixed income securities portfolio, an adapted relevant risk-free interest rate term structure shall be published for each relevant currency in the same frequency as the relevant risk-free interest rate term structure referred to in paragraph 1.

3. The basic amount of the fines referred to in paragraph 1 of this Article shall be a percentage of the total annual net turnover including the gross income consisting of interest receivable and similar income, income from shares and other variable or fixed-yield securities, and commissions or fees receivable in accordance with Article 316 of Regulation (EU) No 575/2013 of the undertaking in the preceding business year, or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 19 August 2014, and included within the following limits:

in the case of a legal person, administrative pecuniary penalties of up to 10 % of the total annual net turnover including the gross income consisting of interest receivable and similar income, income from shares and other variable or fixed-yield securities, and commissions or fees receivable in accordance with Article 316 of Regulation (EU) No 575/2013 of the undertaking in the preceding business year.

Finally, regulatory and supervisory arrangements for equity trading are not necessarily appropriate for organised trading in other instruments such as derivatives and fixed income securities.

Clearing: Now well-established in trading in derivatives and fixed income securities, multilateral netting and central counterparty functions are also becoming central to mainstream equity trading. While this development supports efficient trading, it also entails a concentration of systemic risk on the books of central counterparties. This will be exacerbated by geographic consolidation which may result in some trading systems being dependent on clearing functions performed in other Member States.