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      What Client Agreement(s) do I need to execute?

      A 'Client' is any Legal Entity who has executed the KOR Universal Services Agreement as well as any applicable addendums.

      Clients can either be a Counterparty or a Delegated Reporter, each type accompanied by their own addendum. There is also an addendum that needs to be executed for Clients who enroll in the Hub service. The below defines each client type, but if you still have questions then please reach out to Clientservices@KORFinancial.com

      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.

      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.

      Agreements

      Entity Activity

      Universal Services Agreement

      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.