ESMA has suspended 352 instruments for breaching EU trading rules under MiFID II

The EU’s securities markets regulator has reported 46 new breaches to the double volume cap (DVC) thresholds, bringing the total to 352 instruments having been suspended.

The DVC was introduced to limit the amount of dark trading in equities allowed under the reference price waiver and the negotiated transaction waiver.

The European Securities and Markets Authority (ESMA) revealed the new figures as it updated its public register with the latest set of DVC data under the Markets in Financial Instruments Directive (MiFID II).

The update includes DVC data and calculations for the period 1 March 2019 to 29 February 2020 as well as updates to already published DVC periods.

Of the 46 new breaches 37 were for equities for the 8% cap, applicable to all trading venues, and nine were for equities for the 4% cap, that applies to individual trading venues. Trading under the waivers for all new instruments in breach of the DVC thresholds should be suspended from 14 April 2020 to 13 October 2020. The instruments for which caps already existed from previous periods will continue to be suspended.

In addition, ESMA highlights that none of the previously identified breaches of the caps proved to be incorrect thus no previously identified suspensions of trading under the waivers had to be lifted.

Enjoyed the story? 

Subscribe to our weekly RegTech newsletter and get the latest industry news & research

Copyright © 2018 RegTech Analyst


The following investor(s) were tagged in this article.