160. The ETD contracts are derivative contracts subject to the rules of a trading venue (as defined in Article 4(1)(24) of the Directive 2014/65/EU) and are executed in compliance with those rules. For the purpose of reporting of 'on-venue derivatives', account is also taken of similar trading platforms outside the EU. The trading venue´s rules provide the execution and processing of the contract on the trading venue and the subsequent clearing on a central counterparty clearing house (CCP) within one business day of execution.

161. In order to allow authorities to identify and analyse risk positions, the counterparties where the risk lies once the contract has been concluded should be clearly identifiable. Under the principal clearing model, upon clearing, the risk lies on the clearing member ("CM") vis-à-vis the CCP and on the client of the CM vis-à-vis the CM. For this reason the following parties have EMIR reporting obligations:

a. The CCP clearing the derivative contract.

b. The clearing members of the CCP that are clearing the derivative contract.

c. The MiFID investment firms involved in the trade chain anytime they bear the risk arising from the derivative by virtue of its contractual relationship with their counterparties (in particular, with the clearing member).

d. Other parties that do not fall into any of the categories above and that take the risk arising from the derivative, except when they are exempt because of their status.