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 5 Average size of spreads

  1. (1)

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

    1. (a)

      the size of weighted spreads, including volume weighted spreads, over different periods of time;

    2. (b)

      spreads at different points in time of trading sessions.

  2. (2)

    Where information on spreads is not available, the competent authority shall take into consideration a proxy for the assessment of this criterion.