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In this act Article 3 of 6
Text as of 26 Oct 2026 · Commission Delegated Regulation (EU) 2016/2020, OJ L 313, 19.11.2016 · Same wording as today’s text.Today’s text

Article 3 — Average size of trades

Financial servicesLevel 2RTSMiFIRIn forceOfficial source

3(1)

1.In relation to the average size of trades, ESMA shall take into consideration the following elements:

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3(1)(a)
(a)the average daily turnover whereby the notional size of all trades combined shall be divided by the number of trading days;
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3(1)(b)
(b)the average value of trades whereby the notional size of all trades combined shall be divided by the number of trades.
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3(2)

2.ESMA analysis of the criteria in paragraph 1 shall take into account the factors specified in Article 2(2).

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