126. In general terms, 'Position' means the exposure between a pair of counterparties. This exposure consists of a set of fungible derivatives (trades) with economic and legal relations among them which allows for a common risk management that results in a net or reduced volume of the joint exposure.

127. Following Article 3 of the draft RTS on reporting , it is possible to report post-trade events at position level in addition to the trade level provided that the following conditions are met: the legal arrangement is such that the risk is at position level, all trade reports made to the TR relate to products that are fungible with each other and the individual trades previously reported to the TR have been subsequently replaced by the position report (e.g.: the case of trades between a clearing member and a CCP).

128. The categories of derivatives eligible for reporting at position level are: ETDs, centrally cleared OTC derivatives netted by CCPs and CfDs. Although the information concerning positions is most relevant for the assessment of systemic risk, reporting only at position level is not in line with EMIR requirements (Article 9 Regulation (EU) No 648/2012), that requires all counterparties to report e.g. conclusion of a derivative which shold be reported at trade level).