5.VI.2.3.1 Reporting parties: RMs, MTFs, CTPs, and NCAs

MiFID II has provisions to ensure data for the double volume cap calculations is available. A main difference with the main MiFID II calculations and estimates is that for the purposes of the double volume cap RMs, MTFs, and CTPs need to report the data (not: RMs, MTFs, APAs, and CTPs).1 APAs are excluded from the scope, since APAs are only required to publish post-trade data from investment firms operating outside RMs and MTFs (i.e. data unrelated to the RM/MTF waivers).2 RMs, MTFs, and CTPs are required to send the data for the double volume cap mechanism to the responsible NCA (or ESMA in case of delegation).3NCAs are in turn a reporting party, because NCAs need to send the data received from RMs, MTFs, and CTPs to ESMA4 (unless data collection is already delegated to ESMA).5 The reason here is that ESMA (not: the NCA) performs the double volume cap calculations.6