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Article 2 – Average frequency of trades ⬅️ | ➡️ Article 4 – Number and type of active market participants
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).