EU · MiFIR · TITLE II TRANSPARENCY FOR TRADING VENUES · CHAPTER 1 Transparency for equity instruments
Article 5 MiFIRVolume cap
Single volume cap introduced by the 2024 MiFIR review: trading venues must suspend use of the reference price waiver for an instrument for three months when EU-wide trading under it exceeds 7% of total trading, based on quarterly ESMA data published from 29 September 2025. Venues must flag trades under the waiver, and ESMA reports annually from September 2027 on the threshold, which the Commission may adjust.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2024/791 | Text deleted; Text amended | 28 Mar 2024 |
Level 2: delegated and implementing acts
- RTSIn forceLegal basis
AI summaryAmends Delegated Regulation 2017/577 to reflect the 2024 MiFIR/MiFID II review: removes data reporting for the old quantitative SI tests and the volume cap (now calculated from transaction reports), requires XML for scheduled data and direct reporting to ESMA for the derivatives trading obligation, lets authorities set formats for ad hoc requests and extends record retention to five years.
- RTSIn forceLegal basis
AI summaryRTS on the data that trading venues, APAs and CTPs must provide to competent authorities and ESMA for the MiFIR transparency, volume cap, systematic internaliser and derivatives trading obligation calculations, including the content, frequency and format of data requests and data retention. Since amended by Delegated Regulation 2026/392.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredESMA rulebook
AI summaryWhere a corporate action replaces a traded ISIN with a new one, the new ISIN is treated as newly traded for the volume cap: ESMA publishes its waiver percentages from the start, but a suspension can only follow once 12 months of data exist for it, an approach ESMA may revisit.
- Q&AAnsweredInferred · 95%
AI summaryESMA publishes waiver-trading percentages for newly admitted shares from the start, but the double volume cap can suspend waivers only once 12 months of data exist, because Article 5(1) MiFIR measures the thresholds over the previous 12 months.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document on MiFID II and MiFIR transparency (final version 27 October 2023, printed with the reference ESMA70-1562901-35), covering equity and non-equity transparency, pre-trade waivers, the double volume cap, the systematic internaliser regime, data reporting services providers and third-country issues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
Commentary
No law-firm commentary is linked to this provision yet.
219 more documents relate to MiFIR as a whole without naming an article.
UK counterpart
- Article 5 UK MiFIR · Volume Cap Mechanism
Revoked from 29 Aug 2023 by Financial Services and Markets Act 2023.
No UK counterpartExplicit referenceUK article revoked from 29 Aug 2023 by Financial Services and Markets Act 2023; any restatement in FCA rules is not linked yet.
Version history
- From 28 Mar 2024
- From 1 Jul 2016 to 28 Mar 2024
- From 2 Jul 2014 to 1 Jul 2016
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.