ESMA Releases Latest Double Volume Cap Data Under MiFID II
On June 7, the European Securities and Markets Authority (ESMA) updated its public register with the latest set of double volume cap (DVC) data under the revised Markets in Financial Instruments Directive (MiFID II). The update follows last month’s update to the DVC public register (for more information, see the May 11, 2018 edition of Corporate & Financial Weekly Digest).
New breaches total 52 equities for the 8 percent cap, which applies to all trading venues, and seven equities for the 4 percent cap, which only applies to individual trading venues. For those instruments in breach of the caps, suspensions of trading under the waivers apply from June 12 to December 12. As a result of corrected data received by ESMA for two instruments, previously identified breaches of the 8 percent and 4 percent caps are incorrect and the relevant suspensions of trading under the waivers should be lifted, according to ESMA’s announcement.
As of June 7, a total of 932 instruments are suspended.
ESMA’s announcement in relation to the updated DVC register is available here.
The updated public register regarding the DVC mechanism is available here.