Article 5Average 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.