Under the Water: How Mifid II's Dark Caps Have Changed Trading

The story of how the double volume cap began is just as important as what's happened in 2018.


If you pour a cup of water into the Atlantic, would the sea level rise as a result? Probably, yes. But because of the size of the ocean it would be almost impossible to measure. 

This is the analogy that Christian Voigt, senior regulatory advisor at Fidessa, uses to describe the difficulties in measuring increases in trading on lit markets since the first data that governs the double volume cap mechanism (DVC) was published by European regulators on March 12. “The problem is that measuring any

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