4.6.1 Action types

99. Counterparties should report the conclusion, modification and termination of a derivative.

100. In case none of the details of the derivative, as expressed in the data fields, have changed, the counterparties should not report again details of the derivative. The only exception is the update of the outstanding derivatives in the transition period as described in the section 4.1.

101. Furthermore, the counterparties that are required to report valuation and collateral, i.e. FCs, NFC+ and CCPs, should report on a daily basis the details of valuation and collateral as they stand at the end of the day, for all their outstanding derivatives.

102. Counterparties should use action type 'Modify' to report modifications of the details of a derivative, 'Valuation' to report changes in the value of a derivative and 'Margin update' to report modifications of the corresponding collateral.

103. Counterparties should ensure that action types 'Modify' and 'Correct' are used correctly. In particular, 'Modify' should be used to report modifications to the terms or details of a previously reported derivative, including when counterparty provides additional information that previously was not available at the time of reporting. 'Modify' should not be used to report corrections of details of derivatives - only 'Correct' should be used for that purpose.