Double Volume Cap Mechanism
The double volume cap mechanism (DVCM) (Article 5 of MiFIR) 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 particular, ESMA shall publish regularly the results of the DVCM on its website in the Double Volume Cap Register. The DVC Results are available through the DVC IT system (Double Volume Cap Public Files) in the XML files, whereas the suspensions file can be found below.
In line with the changes introduced by Regulation (EU) 2024/791 (the “MiFIR review”) that entered into force on 28 March 2024, the double volume cap will be replaced by a single volume cap applying from 18 months after the entry into force of the MiFIR review.
However, in the meantime, as announced in a recent public statement, the current double volume cap will continue applying, covering both reference price waiver and nego
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