argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - financial instruments

On March 7^th, 2018, the European Securities and Markets Authority (ESMA) issued the trading volumes and calculations for the double volume cap (DVC) under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) for January and February 2018; the DVC mechanism aims to limit the trading under the reference price waiver (Article 4(1)(a) of MiFIR) and the negotiated transaction waiver for liquid instruments (Article 4(1)(b)(i) of MiFIR) in an equity instrument. In accordance with the published volumes, there were provided certain caps for selected instruments whose percentage of trading on a single trading venue under the waivers goes beyond 4% or 8% of the total volume of trading in those financial instruments across all EU trading venues over the previous twelve months. For six months from March 12^th, 2018, in case the caps are exceeded, NCAs shall suspend the use of waivers for those financial instruments.