On 24 July 2025, the European Securities and Markets Authority (ESMA) issued a press release concerning preparations for the single volume cap in October.
Following changes to the Markets in Financial Instruments Regulation the EU’s volume cap system will be updated in October moving from a double volume cap mechanism (DVCM) to a single volume cap mechanism (VCM). The new VCM limits at 7% the trading volume under the reference price waiver in the EU, compared to the total aggregated trading volume in the EU over the last 12 months for each equity and equity-like financial instrument. If the limit is exceeded, trading venues will need to suspend the use of the waiver for the concerned instrument for a period of three months.
ESMA also refers to certain technical reporting changes, in particular future VCM calculations will be based on transaction reporting data collected by Member State national competent authorities. The DVCM reporting system will be decommissioned in January 2026. ESMA is ] preparing a new VCM data system and further details can be found on the dedicated VCM webpage.
Finally, ESMA states that the first publication of the calculation results is expected for 9 October 2025.