ESMA publishes information on MiFID2 double volume cap
Published: 12 March 2018
The European Securities and Markets Authority (ESMA) has for the first time published trading volumes and calculations in January and February 2018 relevant for the implementation of the “double volume cap” (DVC) which seeks to limit dark pool trading under either the negotiated transaction waiver and reference price waiver from pre-trade transparency under MiFIR. The implementation of the DVC was delayed in January due to poor data quality. Where relevant thresholds are exceeded for a particular equity instrument, NCAs are to suspend trading under the waivers for six months. The DVC for March is anticipated to be published by ESMA on 9 April 2018. If members have any questions or comments, please contact Adam Jacobs-Dean, Oliver Robinson or Adele Rentsch.
