177. Three respondents commented that it is unclear whether an ETD trade should be initially reported only as a position component or if ESMA expects the trade to be reported as both action type 'New' (event type 'Clearing') and action type 'Terminate' (event type 'Inclusion in position') simultaneously on T + 1 when initially reported and forming part of an existing or new position. ESMA confirms that if all relevant conditions are met (see section 4.3.2), the trade can be reported with AT=P.

178. One respondent asked about the difference between the combination 'New'-'Trade' and 'New'-'Clearing'. As explained in the Table 7 of the Consultation Paper combination 'New'-'Trade' should be used when a derivative with a new UTI is created for the first time through trade, rather than due to another lifecycle event. Combination 'New'- 'Clearing' should be used for the new derivatives resulting from clearing.

179. Clarification has also been requested with regard to the reporting of clearing for OTC and ETD derivatives. In the case of OTC derivatives concluded bilaterally, counterparties need to terminate the previously reported bilateral trades (with combination 'Terminate'- 'Clearing') and report the new cleared trades (with combination 'New'-'Clearing'). This includes also a scenario where existing derivatives become eligible for clearing at a later stage. In the case of derivatives concluded on the trading venues, which are cleared immediately after the conclusion, the counterparties would be expected to report them only in the cleared form (with combination 'New'-'Clearing').