{"release":{"id":"c89ff15ec1240a456b40735def079beeda55a0c372be7f3da154287997367ecf","published":"2026-11-02T04:02:35Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2025/417 — RTS — Trading Platform Transparency [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"c89ff15ec1240a456b40735def079beeda55a0c372be7f3da154287997367ecf","release_published":"2026-11-02T04:02:35Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mica/level-2/rts/regulatory-technical-standards-presentation-transparency-data-trading-platforms-crypto-assets/articles/2","url":"https://www.headlesslaw.com/mica/level-2/rts/regulatory-technical-standards-presentation-transparency-data-trading-platforms-crypto-assets/articles/2","title":"Article 2 — Pre-trade 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Delegated Regulation (EU) 2025/417 · binding · OJ L, 2025/417, 14.3.2025 · dated 28 Nov 2024 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2024-11-28","published_on":"2025-03-14","entry_into_force":"2025-04-03","locators":{"document_date":"CELLAR 32025R0417 work_date_document","published_on":"CELLAR 32025R0417 official-journal-act_date_publication","entry_into_force":"CELLAR 32025R0417 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"mica/level-2/rts/regulatory-technical-standards-presentation-transparency-data-trading-platforms-crypto-assets","path":"/mica/level-2/rts/regulatory-technical-standards-presentation-transparency-data-trading-platforms-crypto-assets","name":"Commission Delegated Regulation (EU) 2025/417","number":"2025/417","celex":"32025R0417","title_official":"COMMISSION DELEGATED REGULATION (EU) 2025/417 of 28 November 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the manner in which crypto-asset service providers operating a trading platform for crypto-assets are to present transparency data (Text with EEA relevance)","document_date":"2024-11-28"},"position":{"kind":"article","key":"2","index":2,"articles":6,"annexes":2},"prev":{"path":"/mica/level-2/rts/regulatory-technical-standards-presentation-transparency-data-trading-platforms-crypto-assets/articles/1","key":"1","title":"Article 1 — General principles of presentation of the information on operating rules for trading platforms"},"next":{"path":"/mica/level-2/rts/regulatory-technical-standards-presentation-transparency-data-trading-platforms-crypto-assets/articles/3","key":"3","title":"Article 3 — Post-trade transparency"},"act_anchor":"#art-2"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2025/417/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"mica/level-2/rts/regulatory-technical-standards-presentation-transparency-data-trading-platforms-crypto-assets.md","unit_text_sha256":"e181569bc907ac63b79b465116a11a58988268f0b01a0f76b9d613d14c9939e7","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"mica/level-2/rts/regulatory-technical-standards-presentation-transparency-data-trading-platforms-crypto-assets/art-2","kind":"article","key":"2","heading":"Article 2 — Pre-trade transparency","text":"### <a id=\"art-2\"></a>Article 2 — Pre-trade transparency\n\n1. <a id=\"art-2-p-1\"></a>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)](../../articles/76.md) 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.\n2. <a id=\"art-2-p-2\"></a>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:\\\n   <a id=\"art-2-p-2-a\"></a>a) the orders are contingent on the occurrence of objective market conditions which are pre-defined by the trading system’s protocol;\\\n   <a id=\"art-2-p-2-b\"></a>b) the orders cannot interact with other trading interests prior to the disclosure to the order book operated by the trading platform;\\\n   <a id=\"art-2-p-2-c\"></a>c) 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.\\\\\n3. <a id=\"art-2-p-3\"></a>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.\n\n","marks":[],"text_hash":"e181569bc907ac63b79b465116a11a58988268f0b01a0f76b9d613d14c9939e7","revision":1}}