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Commission Delegated Regulation (EU) 2016/2020 of 26 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation (Text with EEA relevance) (RTS 4)RecitalsArticle 1 Sufficient third party buying and selling interestArticle 2 Average frequency of tradesArticle 3 Average size of tradesArticle 4 Number and type of active market participantsArticle 5 Average size of spreadsArticle 6 Entry into force and applicationDone at
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Version status: Applicable | Document consolidation status: No known changes
Version date: 3 January 2018 - onwards
Version 3 of 3

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).

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