The European Securities and Markets Authority (ESMA) has issued today a Question and Answers (Q&A) document regarding the implementation of the double volume cap under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR). MiFID II introduces a so-called “double” volume cap mechanism which limits the use of reference price waivers and negotiated price waivers under the new transparency regime of MIFID II.
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