326. With respect to the field 'Cleared', under the ITS on reporting only two statuses are allowed, namely cleared ('Y) and non-cleared ('N').

327. In some markets a CCP extends an "open offer" to act as counterparty to market participants and is interposed between participants at the time trades are executed (open offer model). In other markets, the participants themselves initially are the counterparties. Subsequently the trades may be submitted to a CCP, which is substituted as the seller to the buyer and the buyer to the seller (novation clearing model).

328. Article 2 of the RTS on reporting prescribes that where a derivative contract whose details have already been reported pursuant to Article 9 EMIR is subsequently cleared by a CCP, that contract should be reported as terminated using the action type 'Terminate'. The new contracts resulting from clearing should be reported with action type 'New'.

329. The same Article also provides that where a contract is both concluded on a trading venue and cleared on the same day by a CCP, only the contracts resulting from clearing should be reported (novation clearing model). If the clearing does not occur on same day, the reporting process set in previous paragraph should be applied.