ESMA issues latest DVC data

On 7 April 2020, the European Securities and Markets Authority (ESMA) updated its public register with the latest set of double volume cap (DVC) data under MiFID II. The update includes DVC data and calculations for the period 1 March 2019 to 29 February 2020 as well as updates to already published DVC periods.

ESMA reports that the number of new breaches is 46: 37 equities for the 8% cap, applicable to all trading venues, and 9 equities for the 4% cap, that applies to individual trading venues. Trading under the waivers for all new instruments in breach of the DVC thresholds should be suspended from 14 April 2020 to 13 October 2020. The instruments for which caps already existed from previous periods will continue to be suspended. In addition, ESMA highlights that none of the previously identified breaches of the caps proved to be incorrect thus no previously identified suspensions of trading under the waivers had to be lifted.