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European regulators make sweeping changes to Mifid in bid to fortify lit markets
Europe has reaffirmed its divergent stance from the UK with significant changes to its MiFID and MiFIR regulations in a bid to drive more volumes onto lit venues .
Among the key changes announced on 25 November , announced as part of the European
Commission ’ s Capital Markets Union ( CMU ) action plan after several months of delay , is the reduction of the double volume cap ( DVC ) for dark trading from 8 % to 7 %. The new measures also remove the venue-specific 4 % DVC .
The European Securities and Markets Authority ( ESMA ) and the European Commission have also set out changes to the systematic internaliser ( SI ) regime that could force volumes away from the venues and into the lit markets .