EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.VII.4.2:5.VII.4.2 Assessment of the operational elements of the double volume cap

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.VII.4.2

5.VII.4.2 Assessment of the operational elements of the double volume cap

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As examined in paragraph 1.2.4 above, ESMA proposes to simplify the double volume cap mechanism by removing the four percent-threshold of the double volume cap. If ESMA’s proposals are accepted, the volume cap mechanism would become a single volume cap with an EU level threshold of seven (not the current eight) percent. Besides this simplification, ESMA also explores other options to simplify the double volume cap system. Three operational issues identified are: (1) the application of the double volume cap mechanism without 12 months of data; (2) publication of ESMA reports within five working days; (3) publication of ESMA mid-month reports. ESMA seeks to simplify these aspects by means of the MiFID II Review Report.

5.VII.4.2.1 Application of the double volume cap to instruments without 12 months of data5.VII.4.2.2 Publication of ESMA reports within five working days5.VII.4.2.3 Mid-month reports

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