After signing the relevant contractual agreement with the TR participant, the new TR communicates to and agrees with the old TR the migration plan elaborated consistent with Guideline 3.

The new TR notifies by email the relevant authorities about the transfer.

The old TR determines and agrees with the TR participant the following aggregate information regarding the derivatives of the TR participant subject to transfer:

o The latest state of the outstanding derivatives received, i.e. the "trade state"

o The total number of outstanding derivatives

The old TR should request the TR participant's confirmation of the accuracy of the information above vis-à-vis the TR participant's own records [As per Article 9(2) EMIR "Counterparties shall keep a record of any derivative contract they have concluded and any modification for at least five years following the termination of the contract." In the case of reporting TR participant that reports on behalf of others, it should use also their records.] as per Guideline 8. In case of a mismatch, the old TR should reconcile the relevant numbers with the TR participant and agree on the final list of derivative reports that will be migrated. The old TR should solve all discrepancies at the earliest convenience and in no later than five working days.

B. Execution of transfer