After Delays, Esma Publishes Double Volume Cap Data

European regulator sends a message to the market that Mifid II will be enforced with this data release, experts say.

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The European Securities and Markets Authority (Esma) published the data on March 7, giving national regulators two days to ensure that those stocks that breached pre-set limits have waivers to trade off-exchange restricted.

Under the DVC, the thresholds are breached if more than 4 percent of trading in a name takes place on a single venue, or if more than 8 percent of trading takes place on dark, or anonymous venues. The rules have been put in place, Esma says, to protect price formation.


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