About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

ESMA Issues Latest Double Volume Cap Data for MiFID II

Subscribe to our newsletter

The European Securities and Markets Authority (ESMA) has updated its public register with the latest set of double volume cap (DVC) data under the Markets in Financial Instruments Directive (MiFID II). The December updates include DVC data and calculations for the period of November 1, 2017 to October 31, 2018 as well as updates to already published DVC periods.

MiFID II introduced the DVC to limit the amount of dark trading in equities allowed under the reference price waiver and the negotiated transaction waiver. The DVC is calculated per instrument based on the rolling average of trading in that instrument over the past 12 months.

The number of new breaches is 54: including 45 equities for the 8% cap (which is applicable to all trading venues) and nine equities for the 4% cap (which applies to individual trading venues). ESMA requires that trading under the waivers for all new instruments in breach of the DVC thresholds be suspended for a six-month period from December 12, 2018 to June 11, 2019. The instruments for which caps already existed from previous periods will continue to be suspended.

According to the latest data, there are a total of 637 instruments suspended as of December 7, 2018. ESMA does not update DVC files older than six months.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Best Practices for Managing Trade Surveillance

The surge in trading volumes combined with the emergence of new digital financial assets and geopolitical events have added layers of complexity to market activities. Traditional surveillance methods often struggle to keep pace with these changes, leading to difficulties in detecting sophisticated market abuses and increased regulatory risk. To address these challenges, financial institutions are...

BLOG

CJC and Broadhead Technologies Launch Blockchain-Powered Market Data Contract Platform

CJC, in collaboration with Broadhead Technologies, has officially launched Digital Rights for Data Management (DRDM), a blockchain-based platform designed to enhance market data contract management for financial institutions. The system aims to improve compliance, automate processes, and optimise revenue generation. Built on a custom blockchain distributed ledger technology (DLT) foundation, DRDM enables real-time data tracking,...

EVENT

AI in Capital Markets Summit London

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

AI in Capital Markets: Practical Insight for a Transforming Industry – Free Handbook

AI is no longer on the horizon – it’s embedded in the infrastructure of modern capital markets. But separating real impact from inflated promises requires a grounded, practical understanding. The AI in Capital Markets Handbook 2025 provides exactly that. Designed for data-driven professionals across the trade life-cycle, compliance, infrastructure, and strategy, this handbook goes beyond...