In the past, Maijoor has said that since the application of MiFID II’s double volume caps (DVCs), which limits transactions that can be executed under waivers at 4% at a trading venue level and 8% for all EU trading venues, volumes have migrated towards auctions leading to scrutiny from European regulators and concerns on how they are being used. The European Securities and Markets Authority ( SEC ) has called for further information about the use of periodic auctions , which it suspects are being used to breach MiFID II transparency rules . A recent fact - finding exercise undertaken by the Authority found the increased use of and dealt largely in transactions that have breached MiFID II double - cap rules .
The European Securities and Markets Authority ( SEC ) has called for further information about the use of periodic auctions , which it suspects are being used to breach MiFID II transparency rules . A recent fact - finding exercise undertaken by the Authority found the increased use of and dealt largely in transactions that have breached MiFID II double - cap rules .