Agreements & Onboarding
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      Client Onboarding Guide

      Overview

      KOR SDR provides services as a Trade Repository (“TR”). These services are available to all Market Participants and 3rd Party Reporters (“Clients”) on a fair, open, and equal basis. In order to obtain access to the TR, a Market Participant must execute the KOR Universal Services Agreement (“KOR USA” or “USA”) and applicable addendums. The TR does not, and will not, tie or bundle the offering of mandated regulatory services with other services offered by KOR TR or a KOR Affiliate.  

      KOR TR imposes the following qualifications on Clients of the TR (collectively, the “Client Criteria”):  

      1. A valid LEI;

      2. Execution of the KOR USA and applicable TR addendums; 

      3. Compliance with the applicable KOR TR Rulebook(s) and KOR TR Technical Specifications as published by KOR TR; and 

      4. Compliance with Applicable Law, specifically those related to sanctions administered and enforced the by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) 

      Client Types

      Client is an all-encompassing term for a company who has executed the KOR USA all applicable addendums. Clients includes Counterparty and Delegated Reporter types. If you are uncertain to the type of Client you should register as, please follow the flow chart or contact the KOR Client Support team with any questions.

      Type 

      Definition 

      Counterparty Client

      Derivative Clearing Organizations (DCO), Swap Execution Facilities (SEF), Designated Contract Markets (DCM), Registered Platforms, Clearing Authorities (CA), Swap Dealers (SD), Major Swap Participant (MSP) and non-SD/MSP/DCO entities who are party to a trade reported to a TR.

       

      Applies to either the reporting or non-reporting counterparty of the reported trade.

      Delegated Reporter Client

      Related Entities and Third-Party Reporters are together referred to as Delegated Reporters. 

      • Related Entity is the reporting and/or submitting party submitting to KOR TR on behalf of a Counterparty Client and that:

        • has executed a KOR USA and Delegated Reporter Client Addendum;

        • is part of the same corporate family, where the shared parent has controlling interest, or is in a fiduciary relationship with the Counterparty Client; and

        • has been authorized by Counterparty Client to report on their behalf

      • Third-Party Reporter is reporting or accessing data on behalf of Counterparty Clients and:

        • Is not a party to the trade submitted or accessed;

        • has executed a KOR USA and Delegated Reporter Client Agreement;

        • has authorized by Counterparty Client to report on their behalf; and

        • has a commercial agreement with the Counterparty Client to perform SDR reporting services.

      Client Agreements

      All Clients must complete the KOR Universal Services Agreement and the applicable addendums. Some Clients may need to execute more than one Addendum. Each of KOR’s registered TRs has separate addendums to be executed.

      All Clients must also complete the Administrative User form.

      Entity Activity

      USA

      Applicable TR Counterparty Client Addendum

      Applicable TR Delegated Reporter Addendum

      Submit data for self-reporting

      X

      X

       

      Submit data on behalf of Related Entities

      X

       

      X

      Submit data for self-reporting and on behalf of Related Entities or a non-related entity Client

      X

      X

      X

      Grant access to another Client to Report and/or View their data.

      X

      X

       

      View data on behalf of another Client.

      X

       

      X

      View data for swaps that they are a party of.

      X

      X

       

      Examples:

      1. An investment manager reporting the pre-allocation swap as the Agent and then reporting the post-allocation swaps for both their own funds and customers’ funds would execute the USA, the TR Counterparty Client Addendum, and the TR Delegated Reporter Client Addendum.

      2. A Client that is reporting their own swaps and those of affiliate entities would execute the USA, the TR Counterparty Client Addendum, and the TR Delegated Reporter Client Addendum.

      3. A vendor reporting or accessing data on behalf of a Client would execute the USA and TR Delegated Reporter Addendum.

      4. A Client that is the non-reporting party on all swaps that wants to view the swaps that they are a party to would execute the USA and the TR Counterparty Client Addendum.

      As a general policy, KOR TR requires all applicants to execute and submit Client Agreements and onboarding forms in electronic form only. Paper copies will not be accepted. By entering into the KOR USA, each Client agrees to be bound by the terms of the USA, applicable TR Rulebook, and any published policies and guides in the KOR TR Client Portal.  

      The agreements can be found on the KOR TR Client Portal after creating a secure log on.  

      Find out more about setting up Admin Users here.

      Base Technical Requirements

      In order to use KOR products & services, Clients will need to have a base level set of technical capabilities including but not limited to the following: 

      • Internet connection and an up to date web browser (Chrome preferred) 
      • For API users, the ability to write to a JSON API