15. EMIR Article 9(1) states that "counterparties and CCPs shall ensure that the details of any derivative contract they have concluded and of any modification or termination of the contract are reportedto a trade repository […]". A derivative contract or derivative is defined in EMIR Article 2(5) as a financial instrument as set out in points (4) to (10) of Section C of Annex I to MiFID. In the last few years several uncertainties have been raised with regards to the qualification as derivatives of certain contracts. This section aims to provide clarification to market participants taking into account the current state of the regulations.

Currency derivatives