European Commission amends RTS 2017/577 on volume cap and reporting formats
Trading venues, APAs, and CTPs must submit scheduled volume-cap and transparency data directly to ESMA in XML format, retain all required datasets for five years, and meet the three-working-day deadline for derivatives liquidity data — obligations take effect 21 June 2026.
EUR-Lex
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Change
Commission Delegated Regulation (EU) 2026/392, published 1 June 2026 and entering into force 21 June 2026, amends RTS 2017/577 to require trading venues, APAs, and CTPs to report scheduled volume-cap and transparency data directly to ESMA in XML format, retain required data for five years, and submit derivatives liquidity data within three working days.
Why it matters
The amendment centralises volume-cap and transparency reporting at ESMA, removing the competent authority relay for scheduled calculations. Trading venues, APAs, and CTPs must accept ad-hoc format specifications from ESMA or national competent authorities for non-scheduled requests. The five-year retention obligation covers all data required for scheduled calculations and all data ESMA or competent authorities may request on an ad-hoc basis. ESMA's quarterly publication deadlines are now codified with a machine-readable and human-readable format requirement. The single 7% Union-wide volume cap replaces the prior double cap structure.
Implications
- — Trading venues, APAs, and CTPs must submit all data required for preset-date or predefined-frequency volume-cap calculations directly to ESMA in the common XML format from 21 June 2026 — failure to report scheduled data to ESMA in XML constitutes non-compliance with the amended RTS.
- — Trading venues, APAs, and CTPs must submit derivatives liquidity determination data to ESMA without undue delay and no later than three working days following receipt — missing the three-working-day deadline breaches the reporting requirement.
- — Trading venues, APAs, and CTPs must retain all data required for scheduled calculations and all data ESMA or competent authorities may request for five years, regardless of whether it has been made public — failure to maintain five-year records breaches the Regulation's recordkeeping obligation.
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