Effective Tuesday, October 14, 2025, Cboe Europe Equities (DXE) will apply Single Volume Cap suspensions in alignment with ESMA’s updated Single Volume Cap Mechanism (VCM) as mandated by Regulation 791/2024/EU, reviewing MiFIR.

This change replaces the current Double VCM.

Under the Single VCM:

• A 7% cap will apply to trading under the Reference Price Waiver, calculated against all trades executed on EU trading venues (on and off-book) over the past 12 months per instrument. If the cap is breached, Cboe will suspend the waiver for the affected instrument for three months based on ESMA’s published data. Any further orders received attempting to use the suspended waiver in capped stocks will be rejected.
• Negotiated Trades will no longer be capped.
• Symbols that are capped under the Single VCM will be represented in the symbol file with value ‘1’ in the capped column meaning dark book orders will be rejected. The current value of ‘2’ will no longer be used.

Participants are encouraged to review these changes and prepare for the new Single VCM.