PRU 2.2.1

An Authorised Person must have a Trading Book if:

(a) it has positions that must be included in a Trading Book in accordance with Section A2.1 of App2;
(b) those positions are held with trading intent in accordance with Rule A2.1.5; and
(c) the total value of the positions eligible for inclusion in the Trading Book pursuant to (a) and (b):
(i) normally exceeds $15 million or 5% of its combined on and off-balance sheet positions; or
(ii) has exceeded $20 million or 6% of its combined on- and off-balance sheet positions at any time in the preceding 12 month period.