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Article 5 - Average size of spreads

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.

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