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.