5.VI.2.3.4 Formats

MiFID II covers the format in which RMs, MTFs, and CTPs need to report the data for the double volume cap to the NCA (or ESMA in case of delegation). MiFID II is more prescriptive compared to the main MiFID II calculations and estimates that refers to the more general use of a so-called XML format (see paragraph ). The MiFID II format for the double volume cap reports includes: (a) the reporting period, (b) reporting entity identification (RM, MTF, or CTP), (c) trading venue identifier (market identifier code (MIC) of the RM/MTF), (d) instrument identifier (ISIN), (e) currency, (f) total volume of trading, and the total volume of trading under (g) the reference price waiver and (h) negotiated trade waiver for liquid equity instruments.1MiFID II in particular emphasises the importance of trading venue identifier (MICs) in order to enable the NCA and ESMA to identify the volumes of trading and waiver use on individual RMs/MTFs2 (under MiFID I some RMs/MTFs, where operated by the same legal entity, used the same MIC code).3