(5)ESMA has assessed whether transaction data reported in accordance with Article 26 of Regulation (EU) No 600/2014 can be used to calculate the total volume of trading in a financial instrument in the Union and the percentage of trading in a financial instrument in the Union carried out under the reference price waiver as referred to in Article 5 of that Regulation. Considering the positive results of that assessment and the need to reduce reporting burden for market participants, ESMA announced that transaction data reported in accordance with Article 26 of Regulation (EU) No 600/2014 will be used to provide an accurate measurement of the total volume of trading per financial instrument and the percentages of trading under the reference price waiver across the Union as referred to in Article 5 of that Regulation. Article 6 of Delegated Regulation (EU) 2017/577 on the reporting requirements for trading venues and CTPs for the purpose of the volume cap mechanism, as well as the requirements for competent authorities to report to ESMA for the purposes of the volume cap mechanism set out in Article 7, should therefore be deleted. The Annex to Delegated Regulation (EU) 2017/577, which sets out the formats of the report for the purpose of the volume cap mechanism, should also be deleted.