meta_id 3200652

On June 1, 2026, the European Commission published Commission Delegated Regulation (EU) 2026/392, which amends the regulatory technical standards governing volume cap mechanisms and transparency calculations in financial markets. The regulation modifies Commission Delegated Regulation (EU) 2017/577 to reflect recent legislative changes and streamline reporting requirements for market participants. The amendment addresses several key areas. First, it removes quantitative reporting obligations for trading venues, approved publication arrangements (APAs), and consolidated tape providers (CTPs) related to systematic internaliser assessments, following the shift to qualitative criteria introduced by Directive (EU) 2024/790. Second, it clarifies that data reported for calculations occurring at pre-set dates or pre-defined frequencies must use XML format, while ad-hoc data requests may specify alternative formats. Third, it extends the data retention period to five years for all trading venues, APAs, and CTPs, reflecting amendments made by Regulation (EU) 2024/791. Fourth, the regulation eliminates separate reporting requirements for the volume cap mechanism, instead leveraging transaction data already reported under Article 26 of Regulation (EU) No 600/2014 to calculate total trading volumes and reference price waiver percentages. Fifth, it requires trading venues, APAs, and CTPs to submit derivative liquidity data directly to the European Securities and Markets Authority (ESMA), rather than through competent authorities. Finally, it updates ESMA's publication requirements for volume cap measurements to reflect the single Union-wide volume cap set at 7 percent and mandates publication in machine-readable and human-readable formats. The regulation applies to all trading venues, APAs, CTPs, and competent authorities across the European Union. It enters into force on the twentieth day following publication in the Official Journal of the European Union. **Reference:** Commission Delegated Regulation (EU) 2026/392 of February 20, 2026, Official Journal of the European Union, June 1, 2026