Art. 8 Priority and sequence numbers | RTS on trading platform order book records | MiCA

This article deals with how crypto-asset service providers operating trading platforms must record order priority information, and it is notable in that the specific recording obligations vary depending on the type of priority system the platform uses.

Whether a platform operates on a price visibility-time priority basis, a size-time priority basis, or a combination of both, the article tailors the recordkeeping requirements accordingly.

In all cases, a sequence number must also be assigned and maintained for each event.

This article sits within the broader framework of order book recordkeeping obligations established across Articles 2 to 15 of this regulation.

Important points:

Maintain a record of the priority time stamp for all orders if your trading platform operates on a price visibility-time priority basis, or on a combination of priority systems that displays orders in time priority.
Maintain a record of both the priority quantities and the priority time stamp if your trading platform operates on a size-time priority basis, or on a combination of priority systems that displays orders in size-time priority.
Assign and maintain a sequence number for every event, regardless of which priority system your trading platform uses.

1. Crypto-asset service providers operating a trading platform for crypto-assets which operate trading systems on a price visibility-time priority shall maintain a record of the priority time stamp for all orders as specified in field 12 of Table 2 of the Annex.
1. Crypto-asset service providers operating a trading platform for crypto-assets which operate trading systems on a size-time priority basis shall maintain a record of the quantities which determine the priority of orders as specified in field 13 of Table 2 of the Annex and the priority time stamp referred to in paragraph 1.
1. Crypto-asset service providers operating a trading platform for crypto-assets which use a combination of price-visibility-time priority and size-time priority and display orders on their order book in time priority shall maintain a record of the priority time stamp for all orders as specified in field 12 of Table 2 of the Annex.
1. Crypto-asset service providers operating a trading platform for crypto-assets which use a combination of price-visibility-time priority and size-time priority and display orders on their order book in size-time priority shall maintain a record of the quantities which determine the priority of orders as specified in field 13 of Table 2 of the Annex and the priority time stamp referred to in paragraph 1.
1. Crypto-asset service providers operating a trading platform for crypto-assets shall assign and maintain a sequence number for each event as specified in field 14 of Table 2 of the Annex.