Today’s updates include DVC data and calculations for the period of 1 July 2017 to 30 June 2018 as well as updates to already published DVC periods.  The number of new breaches is 308: 246 equities for the 8% cap, applicable to all trading venues, and 62 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 10 August 2018 to 9 February 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 54 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 August, there is a total of 1,275 instruments suspended. Please be aware that the publication rules used to publish DVC results for the instruments have been changed, further details are included in the explanatory note of each file. Background MiFID II introduced the DVC to limit the amount of dark trading in equities allowed under the reference price waiver and the negotiated transaction waiver. The DVC is calculated per instrument (ISIN) based on the rolling average of trading in that instrument over the last 12 months.