© 2021 KOR

KOR SDR Fee Schedule

Effective Date: YYYY-MM-DD
KOR Reporting SDR Fee Schedule version YYYY-MM-DD 1

Overview

This KOR Swap Data Repository (“KOR SDR” or “KOR”) fee schedule is for reporting under rules of the U.S. 

Commodity Futures Trading Commission (“CFTC”). KOR SDR offers a simple subscription model fees schedule 

which treats all submissions equally regardless of reporting counterparty, asset class, clearing status or

execution. 

As a real-time messaging-based service, fees are assessed on a per message basis to align SDR services and the 

expense to offer. All Reporting Clients are assessed the same fee structure regardless of pathway to KOR SDR 

to ensure a competitive and level field. 

All fees charged by KOR SDR are uniform, equitable and non-discriminatory. 

This fee schedule applies until such time as the Board of KOR Reporting Inc. determines otherwise and provides 

clients at least two (2) months’ notice.

Reporting Fees

KOR SDR offers simplified subscription plans where each tier plan includes a maximum number of messages 

in the production and test environments per month. All messages submitted, except for the porting in of open 

trades1and terminations2to KOR SDR are fee liable. 

To calculate the monthly fee, KOR totals all messages (except for port-in) submitted in the prior month for 

each Reporting Counterparty, or where there a Reporting Counterparty is part of a Related Entity group, then 

for each Related Entity group. 

KOR SDR will limit a Client from moving up more than one subscription tier between any two consecutive

months3regardless of the actual message volume for a given month. 

KOR provides a 10% monthly bursting allowance for overage activity to into a higher tier to serve as a buffer 

prior to assessing the higher tier fee for a given month. The monthly bursting allowance if available every 

month and for an unlimited number of months.

1 Per the KOR Technical Specification, any submitted message type where the field “Event Type” equals “PORT” and 

“Action Type” equals “NEWT”.

2 Per the KOR Technical Specification, any submitted message type where the field “Action Type” equals “TERM”.

3 Following the first full month of production submissions.
KOR Reporting SDR Fee Schedule version YYYY-MM-DD 2

Tier Monthly Production 

Messages

Monthly Report 

Queries

Monthly Testing 

Messages

Monthly Fee

0 0 0 to 5 0 $0

1 Up to 100 Unlimited 50,000 $100

2 Up to 1,000 Unlimited 50,000 $500

3 Up to 10,000 Unlimited 50,000 $2,000

4 Up to 100,000 Unlimited 500,000 $6,000

5 Up to 1,000,000 Unlimited 500,000 $15,000

6 Up to 5,000,000 Unlimited 500,000 $36,000

7 Up to 10,000,000 Unlimited 1,000,000 $60,000

8 Up to 20,000,000 Unlimited 1,000,000 $95,000

9 Unlimited Unlimited Unlimited $150,000

Testing 

Evaluation testing usage

Firms evaluating KOR SDR will be granted no fees access to the testing environment for up to six (6) months

with a monthly allowance of 1,000,000 messages and a seven (7) day rolling retention. 

Standard testing usage

KOR SDR clients have access to a monthly allowance of messages for testing within KOR SDR’s testing 

environment based on their fee tier. 

High Volume Testing

For heavy load/performance testing above the Evaluation testing allowance or Standard testing allowances, 

KOR SDR will work with clients to confirm need and conditions. Additional testing capacity will be made 

available at KOR’s discretion. 
KOR Reporting SDR Fee Schedule version YYYY-MM-DD 3

Fee Examples

Single Reporting Client, Simple

In a given month, a single Reporting Client submits 800 eligible messages and is assessed a $500 fee. In the 

following month, a single Reporting Client submits 2,100 eligible messages and is assessed a $2,000 fee. Then 

in the next month, a single Reporting Client submits 700 eligible messages and is assessed a $500 fee. 

Single Reporting Client, Small Spike

In a given month, a single Reporting Client submits 800 eligible messages and is assessed a $500 fee. In the 

following month, a single Reporting Client submits 1,050 eligible messages. Actual activity is 50 messages 

above the tier ceiling, though with the 10% burst allowance (100 message), the client is still assessed a $500 

fee.

Single Reporting Client, Large Spike

In a given month, a single Reporting Client submits 800 eligible messages and is assessed a $500 fee. In the 

following month, a single Reporting Client submits 12,000 eligible messages and is assessed a $2,000 fee due 

to policy of not moving move up more than one tier between any two months. In the next month, a single 

Reporting Client submits 700 eligible messages and is assessed a $500 fee.

Single Reporting Client, Monthly Bursting

In a given month, a single Reporting Client submits 105,000 messages and though the total is 5,000 messages 

above the tier allowance, it is within the 10% bursting allowance. As such the Client will be assessed a $6,000 

fee. 

Parent Client Account

The Parent Client account includes 4 related entities which collectively submitted 55,000 eligible messages in 

a given month and the Parent Client account is assessed $6,000 for the month. In the following month, the 

Parent Client account includes 6 related entities which collectively submits 70,000 eligible messages and the 

Parent Client is assessed a $6,000 fee. In the next month, the Parent Client accounts includes 3 related entities 

which collectively submits 9,000 eligible messages and the Parent Client account is assessed a $2,000 fee.
KOR Reporting SDR Fee Schedule version YYYY-MM-DD 4

Client Terms

Reporting Client

For the purposes of the Fee Schedule, “Reporting Client” means the Reporting Counterparty4that has in place 

a fully executed Agreement with KOR Reporting Inc. and is liable for the fees incurrent for use of the KOR SDR 

reporting services. 

The Reporting Client may delegate billing and payments to another Client by authorizing either a Related Entity 

or their Third-Party Reporter. 

Related Entity

For the purposes of the Fee Schedule, “Related Entity” refers to either of two types of entities:

1. Entities within the same corporate structure5; or 

2. Entities within a fiduciary investment management or advisory relationship on a trade6. 

When authorized by the Reporting Client, messages for Related Entities are aggregated prior to assessing the 

monthly fee.

7

 

Parent Client Account

A “Parent Client Account” means KOR Client serving as the consolidated and aggregated Billing Account for 

itself and/or multiple Related Entities. A single independent Reporting Client is by default also a Billing 

Account.

Third-Party Reporter Client

For the purposes of the Fee Schedule, “Third-Party Reporter” is an entity that has in place a fully executed 

Agreement with KOR Reporting Inc. and is facilitating reporting for a KOR Client. Third-Party Reporters are not 

charged fees, including for integration and testing. 

4 Per the KOR Technical Specifications, this is the field “Counterparty 1”.

5 These Clients are grouped under a single Parent entity which must be a KOR SDR Client and may not be registered as a 

Third-Party Reporter. 

6 Per the KOR Technical Specification, this entity is identified under the field “Counterparty 1 Agent”.

7 Reference Example Parent Client Account.
KOR Reporting SDR Fee Schedule version YYYY-MM-DD 5

For purposes of the KOR Fee Schedule, trade reporting by SEFs and DCMs are treated as trades under ThirdParty reporting whereby the Reporting Counterparty is assessed KOR reporting fees and the SEF/DCM is not. 

Integration Client

An Integration client in an entity that has in place a fully executed Agreement with KOR Reporting Inc. which 

permits access to KOR testing environments. Integration clients do not have access to the KOR production 

environment and as such are not charged fees.

Verification Client

For the purposes of the Fee Schedule, “Verification Client” is an entity that has in place a fully executed 

Verification Agreement with KOR Reporting Inc., and is not the Reporting Counterparty on any trades 

submitted to KOR SDR. They are only accessing the KOR SDR to view trades where they are a party to the trade 

but do not have any reporting requirement. 

Verification Clients have unlimited KOR SDR UI access to search data and a limit of 5 total downloaded or sent 

reports per month at no cost. Verification Clients requiring more than 5 total downloaded or sent reports for 

a given month will have the option to upgrade to a tier 1 subscription package which includes unlimited 

reports. 
KOR Reporting SDR Fee Schedule version YYYY-MM-DD 6

Terms of Payment 

Invoices are generated by the fifth day of every calendar month8for the prior month’s activity.

Clients are responsible for logging into KOR SDR to retrieve and review their invoice. The appointed invoice 

users9 will be notified by email when invoices are ready to view.

The billing currency is USD ($) and invoices must be paid in USD.

Invoices are payable within 30 days upon receipt. Accounts not paid within terms are subject to a 2.5% 

monthly finance charge. 

KOR SDR will accept and process billing adjustments up to 45 days after the invoice date. Clients must initiate 

contact with KOR by email (support@korfinancial.com) or via the UI Support feature to raise a dispute

Adjustment requests received after the 45 day period will not be accepted by KOR SDR. Approved adjustments

will be applied as credits and appear on the next billing cycle as a separate line item. Adjustments are 

processed as a net, meaning that credits owed will be taken off the current monthly fees. 

Payments can be made by credit card, ACH or wire transfer. Details for ACH and wire transfer are provided 

below. When sending payment, please include the invoice number and remittance details.

Account Name KOR Reporting Inc.

Bank JP Morgan Chance

ACH Routing Number 719112077

Wire Transfer Routing 

Number

021000021

Account Number 719112077

8 Midnight EPT is used for calculation purposes.

9 As set up by the Client’s Administrative Users.