ESMA_QA_1512
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1512
Regulatory Context
Regulation : MIFIR
Level 1 Regulation: Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: Double volume cap
Subject Matter: Transparency - Single Volume Cap
Question
Submission Date: 28 January 2022
When a trading venue starts operating or admits or trades an equity or equity-like financial instrument for the first time, who has the responsibility to check whether the respective instrument is already subject to an EU level suspension under the Single Volume Cap mechanism?
ESMA Answer
Answer Date: 10-10-2025
[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 6.6] Before a trading venue starts operating as well as before an instrument is admitted to trading or traded on a trading venue for the first time, that trading venue should verify whether the respective instrument(s) is(are) traded on other trading venues and is(are) subject to an EU level suspension under the Double Single Volume Cap mechanism. In case of an active suspension, the start of the operations or the admission to trading or trading can still take place but trading under the waivers as per Articles 4(1)(a) and 4(1)(b)(i) of MiFIR should not be allowed until the end of the suspension for the concerned instrument(s).
English
Before a trading venue starts operating as well as before an instrument is admitted to trading or traded on a trading venue for the first time, that trading venue should verify whether the respective instrument(s) is(are) traded on other trading venues and is(are) subject to an EU level suspension under the Single Volume Cap mechanism. In case of an active suspension, the start of the operations or the admission to trading or trading can still take place but trading under the waiver as per Articles 4(1)(a) of MiFIR should not be allowed until the end of the suspension for the concerned instrument(s).
This document was automatically extracted from the ESMA EMIR Q&A database.