1. In relation to the average size of trades, ESMA shall take into consideration the following elements:
(a)
the average daily turnover whereby the notional size of all trades combined shall be divided by the number of trading days;
(b)
the average value of trades whereby the notional size of all trades combined shall be divided by the number of trades.
2. ESMA analysis of the criteria in paragraph 1 shall take into account the factors specified in Article 2(2).
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗ · Data as of 2026-07-04
CitationArticle 3 of Commission Delegated Regulation (EU) 2016/2020 (LawPlayer, data as of 2026-07-04)
