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).