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Article 3 Average size of trades

  1. (1)

    In relation to the average size of trades, the competent authority shall take into consideration the following elements:

    1. (a)

      the average daily turnover whereby the notional size of all trades combined shall be divided by the number of trading days;

    2. (b)

      the average value of trades whereby the notional size of all trades combined shall be divided by the number of trades.

  2. (2)

    The competent authority’s analysis of the criteria in paragraph 1 shall take into account the factors specified in Article 2(2).