KOR Hub Guidance
As the hub must map a single message to multiple jurisdictions—each potentially requiring different reporter perspectives—it utilizes a single directional field structure. Specifically:
-
Direction 1 is used to represent either the Direct 1 field or the Buyer/Seller designation, depending on the jurisdiction.
-
Direction 2 – Leg 1 and Direction 2 – Leg 2 are used to represent the Direction 2, Payer, or Receiver fields, as applicable to the reporting requirements.”
Direction 1 or Buyer identifier and Seller identifier
Indicator of whether the reporting counterparty is the buyer or the seller as determined at the time of the transaction. Or Identifier of the counterparty that is the buyer and the counterparty that is the seller, as determined at the time of the transaction.
A non-exhaustive list of examples of instruments for which this data element could apply are:
• most forwards and forward-like contracts(except for foreign exchange forwards and foreign exchange non-deliverable forwards)
• most options and option-like contracts including swaptions, caps and floors • credit default swaps (buyer/seller of protection)
• variance, volatility and correlation swaps • contracts for difference and spreadbets
This data element is not applicable to instrument types covered by data elements Direction 2 or by Payer identifier and Receiver identifier.
Direction 2 or Payer identifier and Receiver identifier
Indicator of whether the reporting counterparty is the payer or the receiver of the leg as determined at the time of the transaction. Or Identifier of the counterparty of the payer leg and the counterparty of the receiver leg as determined at the time of the transaction.
A non-exhaustive list of examples of instruments for which this data element could apply are:
• most swaps and swap-like contracts including interest rate swaps, credit total return swaps, and equity swaps (except for credit default swaps, variance, volatility, and correlation swaps)
• foreign exchange swaps, forwards, non-deliverable forwards
This data element is not applicable to instrument types covered by data elements Direction 1 or Buyer identifier and Seller identifier.