> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/eu-level/q-and-a/esma-qa-2579-shared-order-book.md). # Shared order book model | | | | --------------- | --------------------------------------------------------------------------------------------------------------------------------------------- | | **Authority** | ESMA | | **Q\&A ID** | ESMA\_QA\_2579 | | **Status** | Answer Published | | **Published** | June 2025 | | **Legal basis** | [Article 76](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-3/article-76.md) MiCA | | **Source** | [ESMA Q\&A](https://www.esma.europa.eu/publications-data/questions-answers/2579) | ### Question Under the Markets in Crypto-Assets Regulation (MiCA), is it permissible for an EU trading platform for crypto-assets that is operated by a [crypto-asset service provider](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/dora/crypto-asset-service-provider.md) (CASP) authorised under MiCA to pool its order book with that of one or more non-EU trading platforms operated by an entity or entities that are not authorised as CASPs under MiCA? ### Answer No, this model would be in breach of the authorization requirements under [Article 59](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-59.md) of MiCA and would constitute the unauthorized provision of the [crypto-asset service](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset-service.md) of [operation of a trading platform for crypto-assets](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/operation-of-a-trading-platform-for-crypto-assets.md) in the Union by the unauthorized entities whose platform(s) share the order book with the EU-authorised CASP. Reference is made to the model where two or more [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset.md) platforms merge their individual order books into a single, unified order book from which orders are matched. This model involves - as operators of said shared order book - one or more entities that are not authorised as CASPs under MiCA. ESMA understand that this integrated model enables buy and sell orders from different platforms to be combined into one aggregated order book so that multiple trading platforms (including non-EU ones) can access the same liquidity pool, allowing orders from clients across different platforms to be matched. According to [Article 3(18)](/mica/title-i-subject-matter-scope-and-definitions-art.-1-3/article-3.md) of MiCA, the service of [operation of a trading platform for crypto-assets](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/operation-of-a-trading-platform-for-crypto-assets.md) means ‘the management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party purchasing and selling interests in crypto-assets, in the system and in accordance with its rules, in a way that results in a contract, either by exchanging crypto-assets for [funds](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/funds.md) or by the [exchange of crypto-assets for other crypto-assets](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/exchange-of-crypto-assets-for-other-crypto-assets.md)’. In the view of ESMA, the management of an order book is one of the fundamental parts of the management of multilateral systems bringing together or facilitating the bringing together of multiple third-party purchasing or selling interests in crypto-assets. On this basis, ESMA is of the view that it should be regarded as falling within the scope of the [crypto-asset service](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset-service.md) defined in [Article 3(1)](/mica/title-i-subject-matter-scope-and-definitions-art.-1-3/article-3.md)(18) of MiCA. Hence, the service should be regarded as being carried out by each entity operating the different order books that are being shared. It ensues that, in accordance with [Article 59](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-59.md) of MiCA, any person managing said order book should be authorised to do so under [Article 63](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-63.md) of MiCA (or should have notified its intention to operate a trading platform for crypto-assets in accordance with [Article 60](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-60.md) of MiCA). Thus, in ESMA’s view, [Articles 59](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-59.md), [60](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-60.md) and [63](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-63.md) of MiCA prohibit an order book managed with entities that are not authorised as crypto-asset service providers (CASPs) under MiCA. This Q\&A does not assess whether other types of shared order books would fully comply with all provisions of MiCA. *** **Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2579) ### Related * [exchange of crypto-assets for other crypto-assets](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/exchange-of-crypto-assets-for-other-crypto-assets.md) — defined term used on this page * [operation of a trading platform for crypto-assets](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/operation-of-a-trading-platform-for-crypto-assets.md) — defined term used on this page * [crypto-asset service provider](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/dora/crypto-asset-service-provider.md) — defined term used on this page * [crypto-asset service provider](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset-service-provider.md) — defined term used on this page * [crypto-asset service provider](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/tofr/crypto-asset-service-provider.md) — defined term used on this page * [crypto-asset service](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset-service.md) — defined term used on this page * [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset.md) — defined term used on this page * [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/tofr/crypto-asset.md) — defined term used on this page --- # Agent Instructions This documentation is published with GitBook. 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