(2)Article 5(1), first subparagraph, points (b) and (c), of Delegated Regulation (EU) 2017/567 require that, for the purposes of the liquidity assessment for equity instruments, the average daily turnover (‘ADT’) and the average daily number of transactions (‘ADNTE’) are calculated by using the total turnover executed in the Union and the total number of transactions executed in the Union, respectively. That means that, for the calculation of the ADT and the ADNTE, the numerator includes transactions in a financial instrument executed both on a trading venue and outside of a trading venue. Article 5 of Delegated Regulation (EU) 2017/567, however, does not specify how to determine the denominator. It is necessary to provide legal clarity and to ensure consistency with the methodology laid down in Article 7(10) of Commission Delegated Regulation (EU) 2017/587note for determining the post-trade large-in-scale threshold. It is therefore necessary to specify that, when calculating the ADT and the ADNTE, the denominator should be the number of days on which the financial instrument was available for trading on the most relevant market in terms of liquidity, as referred to in Article 4 of Delegated Regulation (EU) 2017/587, and on which that market was open. The same approach should also apply for determining the denominator for assessing whether a financial instrument is traded daily.
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