{
  "url": "https://openlegislation.uk/eu-regulation-2016-2020/article-3",
  "json_url": "https://openlegislation.uk/eu-regulation-2016-2020/article-3.json",
  "legislation": "eur/2016/2020",
  "legislation_title": "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)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2016-2020",
  "path": "article/3",
  "kind": "article",
  "number": "3",
  "heading": "Average size of trades",
  "text": "1. In relation to the average size of trades, ESMA shall take into consideration the following elements:\n(a) the average daily turnover whereby the notional size of all trades combined shall be divided by the number of trading days;\n(b) the average value of trades whereby the notional size of all trades combined shall be divided by the number of trades.\n2. ESMA analysis of the criteria in paragraph 1 shall take into account the factors specified in Article 2(2).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2016/2020/article/3",
    "retrieved_at": "2026-11-01T14:45:22.166271+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}