When are public messages publicly disseminated?

First, a message has to be submitted and pass all validations to be publicly disseminated. 

When are Non-Block/Large Notional Swaps disseminated?

Valid public messages submitted that have not elected either the [Block Trade Election Indicator] as True or the [Large notional off-facility swap election indicator] as True will be disseminated immediately.

Block and Large Notional Swaps

Block Trades and large notional Off-Facility Swaps are subject to certain time delays. KOR SDR shall implement the time delays from execution time based on the Commission’s instructions in 43.5(d)(e) (f) (g) (h), as follows:

1. No later than the prescribed time delay period

2. No sooner than the prescribed time delay period

3. Precisely upon the expiration of the time delay period

It is solely the duty of the Reporting Counterparty or execution venue to indicate to KOR SDR if the time delay is applicable by correctly populating the Block Trade Election Indicator] and [Large notional off-facility swap election indicator]  fields. 

Where the CFTC grants no action to any parties to delay Public Dissemination outside of the prescribed time periods^20, it will be the duty of the Reporting Counterparty or execution venue to delay their report to KOR SDR until such time that it shall be immediately disseminated.

For swaps submitted with a value of “True” for either of the fields: Block trade election indicator] or [Large notional off facility swap election indicator]:

1. The dissemination will be delayed for the initial Public Dissemination.
2. Updates to the swap will not be delayed per the event timestamp, if the update is received before the initial swap is Publicly Disseminated, they will be disseminated immediately after the initial dissemination or after the delay per the event timestamp, whichever is later.
   
   

periods^20:  For example, CFTC Letter No. 14-134

References: CFTC Rule(s) §43.5

When are new block/large notional swap messages disseminated?

Where either Block Trade Election Indicator] or [Large notional off-facility swap election indicator] = True (When action type = "NEWT" based on "Execution timestamp", when action type does NOT= "NEWT" then based on "Event timestamp")

* [Clearing Exceptions And Exemptions Counterparty 1] or [Clearing Exceptions And Exemptions Counterparty 2] is populated.

When is continuation data disseminated? 

Where the [Action type] NOT = NEWT, and Block trade election indicator] or [Large notional off facility swap election indicator]:= "False", the message is disseminated immediately unless the NEWT has not yet been disseminated, and then it is disseminated immediately following the NEWT. 

NOTE: some examples:

• "NEWT” message is received and has a public dissemination delay, before the delay expires, a    
  • “MODI” is received.  
    • upon delay expiration the SDR ticks the “NEWT” then the “MODI” immediately following.  
  • “CORR” is received.  
    • upon delay expiration the SDR ticks the “NEWT” then the “CORR” immediately following.  
  • “TERM” is received.  
    • upon delay expiration the SDR ticks the “NEWT” then the “TERM” immediately following.  
  • “EROR” is received.  
    • upon delay expiration the SDR ticks the “NEWT” then the “EROR” immediately following.  
  • “EROR” then “REVI” is received.  
    • upon delay expiration the SDR ticks the “NEWT” then the “EROR” then the “REVI” immediately following.  

How does KOR calculate the [Scheduled Dissemination Timestamp]?

When KOR receives a valid public message in its dissemination service, it will put the current time as the [Scheduled Dissemination Timestamp], unless one of the following is true:

1. The message qualifies for a delay. If so, if that delay is in the future then that timestamp is used for the [Scheduled Dissemination Timestamp].
2. There are previously submitted valid public messages for the transaction which have not yet been disseminated. If so, then the [Scheduled Dissemination Timestamp] of the last messages still to be disseminated + 1 second is used for the [Scheduled Dissemination Timestamp].

What is the [Dissemination Timestamp] field and how does KOR monitor public dissemination?

When there is a message with [Scheduled Dissemination Timestamp] that is the current time, or in the past, KOR will immediately disseminate that message and record the [Dissemination timestamp]. KOR monitors the system to verify that no messages go un-disseminated and that all messages are disseminated in a timely manner.