5.VII.4.2.3 Mid-month reports

ESMA is required to publish mid-month reports in order to warn the market about potential breaches of the double volume cap thresholds (four and eight percent). ESMA needs to publish the mid-month reports for instruments that have reached the thresholds of 3.75 percent at RM/MTF level and 7.75 percent at the EU level.1 ESMA proposes in the MiFID II Review to change the MiFID II text (MiFIR) to remove the publication of the mid-month reports.2 The ESMA proposal is based on evidence that being close to the 3.75% and 7.75% thresholds does not discourage trading in the dark in the following period. In addition, the additional publication per month means additional resources are being used at the level of ESMA ‘for insignificant benefits’.3 The large majority of respondents to the ESMA consultation agree with the view of ESMA. For this reason, ESMA proposes to remove the mid-month reports.4