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MiFID II: ESMA Publishes Double Volume Cap Data

The European Securities and Markets Authority (ESMA) has published today trading volumes and calculations regarding the double volume cap (DVC) under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). The purpose of the DVC mechanism is to limit the amount of trading under certain equity waivers to ensure the use of such waivers does not harm price formation for equity instruments. More specifically, the DVC limits the amount of dark trading under the reference price waiver and the negotiated transaction waiver. In January 2018, ESMA delayed the implementation of the DVC, due to data quality and completeness issues, until...