Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 3 Average size of trades

  1. (1)

    In relation to the average size of trades, the competent authority shall take into consideration the following elements:

    1. (a)

      the average daily turnover whereby the notional size of all trades combined shall be divided by the number of trading days;

    2. (b)

      the average value of trades whereby the notional size of all trades combined shall be divided by the number of trades.

  2. (2)

    The competent authority’s analysis of the criteria in paragraph 1 shall take into account the factors specified in Article 2(2).