1. Knowledge Base
  2. CFTC
  3. Verification & Reconciliation

Do I have to verify the data I submitted to the SDR?

YES πŸ‘ (But keep reading)

Part 45: Verification that Swap Data is complete and accurate 

The Swap Data Repository shall verify the accuracy and completeness of Swap Data that it receives from Clients.

Each Reporting Counterparty shall verify that there are no errors in the Swap Data for all open swaps that the Reporting Counterparty reported, or was required to report, to a Swap Data Repository.

KOR SDR shall provide Clients with a positive acknowledgement (β€œACK”) or negative acknowledgement (β€œNACK”) for all messages submitted to the SDR including a detailed error message for all NACKS that identifies what validations failed. It is the duty of the Client to monitor and correct these errors. Clients will have access to a report of all open error messages that shall be reviewed and resolved ASATP. If a message was submitted in error and failed validations, the Client must correct and resubmit the message until it passes all validations per the KOR Technical Specifications.

References: CFTC Rule(s) Β§45.14(b) and 49.11(a).