335. Date and time of confirmation, as determined pursuant to Article 12 of the RTS on clearing arrangements constitute the 'Confirmation timestamp' that should be reported in the field 2.28, confirmation means should be reported in the field 2.29 'Confirmed'.

336. The timely confirmation requirement applies only to non-cleared OTC contracts (confirmation timestamp and confirmation means should not be reported for ETDs nor for cleared OTC derivatives). It applies wherever a new derivative contract is concluded, including as a result of novation and portfolio compression of previously concluded contracts. The requirement does not apply to terminations provided that the termination removes all residual obligations in respect of that derivative. The fields 'Confirmed' and 'Confirmation timestamp' should be updated and reported accordingly to the extent that they are required for a given trade.

337. For the field 'Confirmed', the value 'NCNF' (unconfirmed) should be used when the derivative has to be confirmed by the counterparties but has not been confirmed yet.

338. In other cases, the counterparties should report the 'ECNF' or 'YCNF' value for this field depending on the confirmation means used (electronic or non-electronic) and the field 'Confirmation timestamp' should be populated. If the value 'NCNF' is used, the field 'Confirmation timestamp' should be left blank.