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Single Volume Cap [Published Answer Updated]\"\nshortTitle: \"ESMA Q&A 1512 — Q&A — Transparency - Single Volume Cap [Published Answer Updated]\"\nanswer_id: ESMA_QA_1512\ntopic: \"Double volume cap\"\nstatus: \"Published Answer Updated\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"MiFIR\"\ndate: 28 January 2022\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1512\nlifecycle: \"Published Answer Updated\"\ntext_version: \"ESMA Q&A register, 28 January 2022\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1512\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1512: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  last_updated: \"2025-10-10\"\n  question_submitted_on: \"2022-01-28\"\n  locators:\n    last_updated: \"ESMA Q&A Excel export ESMA_QA_1512, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1512, column 'Date of submission'\"\nlifecycle_label: \"Published Answer Updated\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · updated 10 Oct 2025 [Published Answer Updated]**\n\n*Published Answer Updated · ESMA Q&A register, 28 January 2022 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1512)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1512 — Q&A — Transparency - Single Volume Cap \\[Published Answer Updated\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1512 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Updated 10 October 2025; question submitted 28 January 2022 |\n| **Legal basis** | MiFIR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Transparency - Single Volume Cap**\n\n### Question\n\nWhen a trading venue starts operating or admits or trades an equity or equity-like financial instrument for the first time, who has the responsibility to check whether the respective instrument is already subject to an EU level suspension under the Single Volume Cap mechanism?\n\n***\n\n### Answer\n\n\\[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 6.6\\]\n\nBefore a trading venue starts operating as well as before an instrument is admitted to trading or traded on a trading venue for the first time, that trading venue should verify whether the respective instrument(s) is(are) traded on other trading venues and is(are) subject to an EU level suspension under the Double Single Volume Cap mechanism. In case of an active suspension, the start of the operations or the admission to trading or trading can still take place but trading under the waivers as per Articles 4(1)(a) and 4(1)(b)(i) of MiFIR should not be allowed until the end of the suspension for the concerned instrument(s).\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1512)\n"}