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Article 5 Average size of spreads

  1. (1)

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

    1. (a)

      the size of weighted spreads, including volume weighted spreads, over different periods of time;

    2. (b)

      spreads at different points in time of trading sessions.

  2. (2)

    Where information on spreads is not available, the competent authority shall take into consideration a proxy for the assessment of this criterion.