324. Article 12 of the current RTS on risk mitigation dictates a series of rules on timely confirmation.

325. Date and time of confirmation, as determined pursuant to Article 12 of the current RTS on clearing arrangements constitute the "Confirmation timestamp" that should be reported under the current RTS on reporting. Furthermore, the current RTS on reporting require reporting of the "Confirmation means".

326. The timely confirmation requirement applies only to non-cleared OTC contracts. However, under the rules in force, the confirmation timestamp and confirmation means are reported also for ETDs by some counterparties, leading to problems with reconciliation of the reports.

327. ESMA proposed to clarify that the above-mentioned fields should be reported only for OTC non-cleared derivatives.

328. One of the respondents was against the proposal and suggested that this approach should be aligned with the global regulatory CDE guidance. ESMA notes that the scope of CDE guidance is limited to OTC derivatives therefore the guidance does not provide any indication of whether these fields should be deemed relevant for reporting of ETDs.