{
  "url": "https://openlegislation.uk/eu-regulation-2016-2020/article-5",
  "json_url": "https://openlegislation.uk/eu-regulation-2016-2020/article-5.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/5",
  "kind": "article",
  "number": "5",
  "heading": "Average size of spreads",
  "text": "1. In relation to the average size of spreads, ESMA shall take into consideration the following elements:\n(a) the size of weighted spreads, including volume weighted spreads, over different periods of time;\n(b) spreads at different points in time of trading sessions.\n2. Where information on spreads is not available, ESMA shall take into consideration a proxy for the assessment of this criterion.",
  "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/5",
    "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."
}