316. Field 2.41 'Venue of execution' should be used to report the venue where the derivative was executed, notwithstanding the qualification of the transaction as ETD or OTC.

317. Where a derivative was concluded OTC and the respective instrument is not admitted to trading or traded on a trading venue and no request for admission has been made, MIC code 'XXXX' should be used.

318. Where a derivative was concluded OTC and the respective instrument is admitted to trading or traded on a trading venue or a request for admission was made, MIC code 'XOFF' should be used.

319. The 'BILT' value proposed in the CDE guidance should be used when the reporting counterparty cannot determine whether the instrument is listed or not, as per jurisdictional requirements. Nevertheless, this situation should not arise in the EU since all instruments admitted to trading or traded on a trading venue are made publicly available in the Financial Instruments Reference Data System (FIRDS) on ESMA's website, therefore the counterparties are expected to be able to determine whether they should report 'XOFF' or 'XXXX' and the value 'BILT' is not allowed in the reporting under EMIR.

320. For derivatives contracts traded on regulated markets or third country trading venues considered as equivalent to a regulated market, the segment MIC Code will be required (or alternatively the operating MIC in case the segment MIC code does not exist).