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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.

You are viewing the version of the document as on 2021-01-01.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

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.