Article 3Average 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).