273. To achieve consistency with global derivative reporting guidance and ensure that EU authorities have access to the data required to monitor financial stability, ESMA considers the following changes necessary to enhance reporting of data related to derivative prices.

274. ESMA is conscious that the existing EMIR reporting fields separate the data fields related to prices into different sections of the reporting tables. For example, some price related fields are in the sub-section for interest rate derivatives or foreign exchange derivatives etc. In line with the CDE guidance ESMA proposes that the field Price should be populated only when the price related information is not provided in other fields such as e.g. fixed rate. This approach should improve consistency of reporting and address the current situation where e.g. in the case of options some counterparties reported the option premium as a price, whereas other – the strike price.

275. Furthermore, ESMA proposes to amend the definitions and formats of certain existing price related data elements to align them to the CDE guidance.

276. These changes will allow counterparties to follow a common standard for reporting price related fields which is aligned to global reporting guidance. The basis for the proposals is the CDE guidance, with consideration of the existing EMIR reporting fields for price information.

277. ESMA proposes that the following fields are included in the draft RTS and ITS on reporting in relation to prices (some of these fields already exist):

a. Price (currently Field 2.17 Price/rate)