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.