Art. 2 Pre-trade transparency | RTS on trading platform transparency data | MiCA

This article establishes the pre-trade transparency obligations for crypto-asset service providers (CASPs) operating trading platforms.

Building on the broader transparency requirements referenced in Article 76(9) of Regulation (EU) 2023/1114, it sets out what trading information must be made publicly available before a transaction takes place.

The core requirement is to publish bid and ask prices along with the depth of trading interest, with the specific method of disclosure depending on the type of trading system operated.

The article also addresses how conditional orders — those triggered by pre-defined market conditions — must be handled and disclosed, and requires that the details of each order be published in line with the formats set out in the annexes.

Important points:

Publish bid and ask prices and the depth of trading interest at those prices, in accordance with the type of trading system you operate.
Conditional orders that are triggered by pre-defined market conditions must be made public once those conditions occur, provided they meet specific criteria around their interaction with the order book.
The full details of each order must be published in the format specified in Tables 2 and 3 of Annex I.

1. Crypto-asset service providers operating a trading platform for crypto-assets shall make public any bid and ask prices and the depth of trading interest at those prices, as referred to in Article 76(9) of Regulation (EU) 2023/1114, in accordance with the type of trading systems they operate as listed in Table 1 of Annex I to this Regulation.
1. When the objective market conditions referred to in point (a) occur, crypto-asset service providers operating a trading platform for crypto-assets shall make public the orders that meet all of the following conditions:
  1. the orders are contingent on the occurrence of objective market conditions which are pre-defined by the trading system’s protocol;
  2. the orders cannot interact with other trading interests prior to the disclosure to the order book operated by the trading platform;
  3. once disclosed to the order book, the orders interact with other orders in accordance with the rules applicable to orders of that kind at the time of disclosure.
1. Crypto-asset service providers operating a trading platform for crypto-assets shall make public the details of each order for crypto-assets as set out in Tables 2 and 3 of Annex I.