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07 September 2018

MIFID II: ESMA issues latest double volume cap data


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ESMA has updated its public register with the latest set of double volume cap (DVC) data under the Markets in Financial Instruments Directive.


This updates include DVC data and calculations for the period of 1 August 2017 to 31 July 2018 as well as updates to already published DVC periods.

The number of new breaches is 142: 126 equities for the 8% cap, applicable to all trading venues, and 16 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 12 September 2018 to 11 March 2019. The instruments for which caps already existed from previous periods will continue to be suspended.

In addition, ESMA highlights that some trading venues in the meantime have submitted corrected data that affects past DVC publications. For a total number of 4 instruments, this means that previously identified breaches of the 8% and 4% caps prove to be incorrect. For these instruments, the suspensions of trading under the waivers should be lifted.

As of 7 September, there is a total of 674 instruments suspended.

Please be aware that ESMA does not update DVC files older than 6 months. In other words, suspensions that were expected to be triggered in the past months due to the publication of the DVC results in the files related to the periods 1 January 2017 to 31 December 2017 and 1 February 2017 to 31 January 2018 cannot be lifted anymore.

In addition, the “Expected suspension end date” for suspensions that are active as of 7 September 2018 has been changed whenever the suspension period was equal to 6 months and 1 day.

Press release

Public register



© ESMA


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