(25)

‘liquid market’ means a market for a financial instrument or a class of financial instruments, where there are ready and willing buyers and sellers on a continuous basis, assessed in accordance with the following criteria, taking into consideration the specific market structures of the particular financial instrument or of the particular class of financial instruments: the average frequency and size of transactions over a range of market conditions, having regard to the nature and life cycle of products within the class of financial instrument; the number and type of market participants, including the ratio of market participants to traded instruments in a particular product; the average size of spreads, where available;

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Source: EUR-Lex (Cellar) · retrieved 2026-09-25 · Text as adopted (Official Journal); later amendments are not incorporated in this text.