Effective date

337. 'Effective date' is the date at which obligations under the derivative come into effect, as included in the confirmation. If the counterparties did not specify the effective date as part of the terms of the contract, field 'Effective date' should be populated with the date of execution of the derivative.

338. In case of cash-settled commodity derivatives, effective date needs to be clarified as some market participants use the start date and end date of the calculation period as effective and expiration dates in the confirmation, respectively; whereas other market participants use the start and end date of the delivery period of the underlying for that purpose.

339. Similarly, discrepancies have been observed with regards to the reporting of Effective date in the case of novations.

Expiration date / Early termination date

340. The 'Expiration date' is the unadjusted date at which obligations under the derivative stop being effective, as included in the confirmation. Early termination does not affect this data element. The expiration date can be used to determine whether the trade is outstanding or not. The content of this field in case of non-confirmed trades should be as specified in the contract between the counterparties.

341. The same specification of the effective date applies to both OTC and ETD derivatives.