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Article 5 - Delegated Regulation 2016/2020

Article 5

Average size of spreads

1.   In relation to the average size of spreads, ESMA shall take into consideration the following elements:

(a)

the size of weighted spreads, including volume weighted spreads, over different periods of time;

(b)

spreads at different points in time of trading sessions.

2.   Where information on spreads is not available, ESMA shall take into consideration a proxy for the assessment of this criterion.