The European Securities and Markets Authority (ESMA) has published trading volumes and calculations regarding the double volume cap (DVC) under MiFID II and MiFIR.

ESMA has published DVC calculations for January 2018 and February 2018. Based on this data, two caps will limit dark trading in equity and equity-like instruments, namely for:

• 17 instruments for January 2018 and 10 instruments for February 2018 for which their percentage of trading on a single trading venue under the waivers goes beyond 4% of the total volume of trading in those financial instruments across all EU trading venues over the previous twelve months; and
• 727 instruments for January 2018 and 633 instruments for February 2018 for which their percentage of trading across all trading venues under the waivers goes beyond 8% of the total volume of trading in that financial instrument across all EU trading venues over the previous 12 months.

Member State national competent authorities should suspend, within two working days, the use of waivers in those financial instruments where the caps were exceeded. The use of the waivers should be suspended for these instruments for a period of six months starting from 12 March 2018.

ESMA is intending to publish applicable DVC data for March 2018 on 9 April 2018.

View MiFID II: ESMA publishes double volume cap data, 7 March 2018

View ESMA – Double Volume Cap Mechanism, 7 March 2018