4.4.3.1 Clearing

234. Article 2 of the current RTS on reporting prescribes that where a derivative contract whose details have already been reported pursuant to Article 9 EMIR is subsequently cleared by a CCP, that contract shall be reported as terminated using the action type “Early Termination”. The new contracts resulting from clearing shall be reported with action type “New”.

235. The same Article also provides that where a contract is both concluded on a trading venue and cleared on the same day, only the contracts resulting from clearing shall be reported.

236. Furthermore, for cleared contracts the counterparties should identify in the report the CCP and the clearing member, as well as specify the clearing timestamp.

237. ESMA proposes to maintain this reporting logic and maintain the relevant fields.

238. With respect to the field “Cleared”, under the current ITS on reporting only two statuses are reportable, namely cleared (“Yes”) and non-cleared (“No”). In contrast, the CDE guidance introduces a third option: “Intent to clear”.

239. ESMA considers that the need to align to international guidance as regards allowable values shall be assessed on a case by case basis, as some of the critical data elements may not be relevant or applicable for specific jurisdictions. In this case, the value “Intent to clear” is not deemed useful for supervisory purposes and its absence should not have an impact on the global aggregation of data.