168. Article 9(1) of EMIR provides that "Counterparties and CCPs shall ensure that the details of any derivative contract they have concluded and of any modification or termination of the contract are reported (…) to a trade repository (…)". Furthermore, the relevant details should be reported "no later than the working day following the conclusion, modification or termination of the contract.

4.9.1 Conclusion of a derivative

169. Each conclusion of a derivative should be reported to a TR. If a derivative that is concluded is subsequently terminated, then the counterparties or ERR, as applicable, after reporting it with action type 'New' should report it with action type 'Terminate'.

170. Counterparties should report the conclusion of a derivative even if the termination of that derivative occurs before the reporting deadline (e.g. for intraday derivatives). In such case the counterparty should send, within the same reporting deadline, two reports: one with action type 'New' and one with action type 'Terminate'. If the derivative is terminated on the same day due to inclusion in a position, the counterparty should send only one report for that derivative, with action type 'Position component'.