European Union:
European Securities And Markets Authority Announces Delay To Publication Of Double Volume Cap Data
19 January 2018
Shearman & Sterling LLP
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On January 9, 2018, ESMA announced that it will delay the
publication of data for January 2018 on the double volume cap
mechanism introduced by the Markets in Financial Instruments
Regulation from January 3, 2018. The DVC mechanism introduced by
MiFIR seeks to ensure that dark pool trading using waivers from
pre-trade transparency requirements does not unduly harm price
formation. It does so by capping the amount of trading for orders
placed in systems which are based on a trading methodology using
the reference price waiver and certain transactions using the
negotiated price waiver.
ESMA expects to work with national regulators and trading venues
to address issues it has identified with the quality and
completeness of the data it has so far received from trading
venues. It hopes to publish the data in March 2018.
The press release is available at: https://www.esma.europa.eu/sites/default/files/library/esma71-99-925_esma_dvc_delay.pdf.
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