Venues Deny Esma Accusations over Volume Cap Delay

Delays to a key aspect of Mifid II have triggered tensions between market participants and regulators.

The dark volume caps delay is Mifid II's first major setback

In a press release published on Tuesday evening, the European Securities and Markets Authority (Esma) openly blamed trading venues for the delay, stating that its own systems were ready to receive data for 30,000 equities and equity-like instruments in the context of the double volume-cap (DVC) mechanism. However, only 75 percent of Europe’s trading venues provided their data, Esma said, most of which were incomplete.

The DVC is part of the revised Markets in Financial Instruments Directive and

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