Article 3
Average size of trades
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).