What product structure does KOR use?

Until such a time that the Commission designates a UPI provider, KOR’s unique product identifier and product classification system shall identify and describe the swap Asset Class and the sub-type within that Asset Class to which the swap belongs, and the underlying product for the swap, with sufficient distinctiveness and specificity to enable the Commission and other financial regulators to fulfill their regulatory responsibilities and to assist in real time reporting of swaps as provided in the Act and Part 43 of CFTC rules. The level of distinctiveness and specificity which the unique product identifier will provide shall be determined separately for each swap Asset Class.

KOR will use the fields and guidance as published by CPMI and IOSCO in the Technical Guidance on the Harmonization of the Unique Product Identifier^10. Until the UPI is available for use, KOR will attempt to follow the public standards and guidance regarding the UPI creation in order to more seamlessly migrate to the UPI when available. Clients will have access to all allowed data values for the product fields.

Before executing and reporting a swap the Client must verify the applicable product data values exist in the KOR product schema, if they do not, the Client must contact KOR and provide the required new values and their public source or other pertinent details for reference to the KOR Client Support group (support@korfinancial.com) a minimum of 48 business hours before reporting is required. Failure to do so could result in late reporting.

References: CFTC Rule(s) §45.7(a).

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