{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2016/2020 — RTS — Criteria for the trading obligation [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the/articles/3","url":"https://www.headlesslaw.com/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the/articles/3","title":"Article 3 — Average size of 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Delegated Regulation (EU) 2016/2020 · binding · OJ L 313, 19.11.2016 · dated 26 May 2016 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2016-05-26","entry_into_force":"2016-12-09","locators":{"document_date":"CELLAR 32016R2020 work_date_document","entry_into_force":"CELLAR 32016R2020 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the","path":"/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the","name":"Commission Delegated Regulation (EU) 2016/2020","number":"2016/2020","celex":"32016R2020","title_official":"COMMISSION DELEGATED REGULATION (EU) 2016/2020 of 26 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation (Text with EEA relevance)","document_date":"2016-05-26"},"position":{"kind":"article","key":"3","index":3,"articles":6,"annexes":0},"prev":{"path":"/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the/articles/2","key":"2","title":"Article 2 — Average frequency of trades"},"next":{"path":"/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the/articles/4","key":"4","title":"Article 4 — Number and type of active market participants"},"act_anchor":"#art-3"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2016/2020/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the.md","unit_text_sha256":"af084d1e7ba9038ea6a795f760206fddc2faa42ba042adef5899fd12265d5675","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the/art-3","kind":"article","key":"3","heading":"Article 3 — Average size of trades","text":"## <a id=\"art-3\"></a>Article 3 — Average size of trades\n\n1. <a id=\"art-3-p-1\"></a>In relation to the average size of trades, ESMA shall take into consideration the following elements:\n\n    <a id=\"art-3-p-1-a\"></a>**(a)** the average daily turnover whereby the notional size of all trades combined shall be divided by the number of trading days;\n\n    <a id=\"art-3-p-1-b\"></a>**(b)** the average value of trades whereby the notional size of all trades combined shall be divided by the number of trades.\n\n1. <a id=\"art-3-p-2\"></a>ESMA analysis of the criteria in paragraph 1 shall take into account the factors specified in Article 2(2).\n\n","marks":[],"text_hash":"af084d1e7ba9038ea6a795f760206fddc2faa42ba042adef5899fd12265d5675","revision":1}}