ESMA prepares for switch toward single volume cap in October 2025

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.

Trading venues must base their decision to suspend the waiver use on the data published by ESMA under the dedicated VCM webpage.

Technical reporting changes

To reduce reporting burden of entities, the future VCM calculations will be based on transaction reporting data collected by National Competent Authorities (NCAs). Therefore, the DVCM reporting system will be decommissioned in January 2026.

To reflect these changes, ESMA has submitted for adoption the amendment to the Regulatory Technical Standard 3 (RTS 3). Even in case the RTS 3 revision is not yet in place at that moment, the VCM switch will occur at the announced date.

ESMA is currently preparing the new VCM data system. For more details about the formats and templates, please consult the dedicated VCM webpage.

Next steps

ESMA encourages all interested parties to prepare for the change in requirements in line with the new VCM becoming active in Q4 2025. The first publication of the calculation results is expected for 9 October 2025.

Further information:

Cristina Bonillo Olivares

Senior Communications Officer
[email protected]