From Tuesday, October 14, 2025, the shares of the CBOE Europe (DXE) will apply lid suspensions with a single volume in alignment with the ESMA’s up -to -date (VCM) mechanism, such as Regulation 791/2024/EU, revising MiFir.
This change replaces the current double VCM.
Under the single VCM:
- A 7% ceiling will apply to transactions in accordance with reference prices, calculated against all transactions executed in EU transactions (on and off-book) over the last 12 months per instrument. If the ceiling is violated, the CBOE will suspend the resignation of the affected instrument for three months based on ESMA published data. Any further commands that have been attempted to use the suspension of resignation in coverage will be rejected.
- The negotiating transactions will no longer be covered.
- The symbols covered by the single VCM will be represented in the ‘1’ symbol file in the Capped column which means that the Dark Book commands will be rejected. The current price of ‘2’ will no longer be used.
Participants are encouraged to review these changes and prepare for the new single VCM.