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.
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 5 of Commission Delegated Regulation (EU) 2016/2020 (LawPlayer, data as of 2026-07-04)
