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Version status: Applicable | Document consolidation status: No known changes
Version date: 3 January 2018 - onwards
Version 3 of 3

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.