Article 5 Average size of spreads

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.

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