425. Contracts for Difference (CFDs) generally do not have any specified maturity date and at the moment of their conclusion the termination date is also not specified. Counterparties may at any moment decide to close the contract, with immediate effect. They can also close it partially as counterparties may terminate only a part of the volume on one day and the other part or parts of the contract on any other day.

426. Each opening of a new contract should be reported by the counterparties to the TR as a new entry. This means that each CFD has to be reported with its distinct Unique Trade Identifier and action type 'New' or if the trade is included in a position on the same day it can be reported with action type 'Position Component', even if they are executed and then netted or terminated for other reasons during the same day.

427. Furthermore, the CFDs have to be reported even if they are concluded with a counterparty that is not subject to the reporting obligation, such as an individual not carrying out an economic activity and who is consequently not considered as an undertaking.

428. Subsequent CFDs do not have to be included in a position, however, it is strongly recommended to do so. As these derivatives have no maturity, it would imply that without including in a position each individual CFD by a financial counterparty would need to receive daily valuation updates until either 1) the CFD is terminated or 2) infinity. Outstanding CFDs need valuation updates, but when included in a position, the valuation can be provided at position level in accordance with the section 5.7.