© 2021 KOR Financial Inc.

KOR SDR Client Onboarding and 

Access Guide

2021-04-01
KOR SDR Onboarding and Access Guide 1

Table of Contents

Table of Contents........................................................................................................................ 1

History........................................................................................................................................ 2

Last Review Date......................................................................................................................... 2

1. Overview.............................................................................................................................. 3

2. Client Types.......................................................................................................................... 3

3. Onboarding.......................................................................................................................... 5

3.1 Administrator User..................................................................................................................5

4. Access to Data in KOR SDR.................................................................................................... 6

5. Clearing Exemption Forms.................................................................................................... 6

6. Technical Implementation .................................................................................................... 7
KOR SDR Onboarding and Access Guide 2

History

Date Description of change Sections Updated

2021-04-01 Original Document

Last Review Date

2021-09-01
KOR SDR Onboarding and Access Guide 3

1. Overview

KOR SDR provides services as a Swap Data Repository (“SDR”). These services are available to 

all Market Participants and 3rd Party Reporters (“Clients”) on a fair, open, and equal basis. In order to obtain 

access to the SDR, a Market Participant must execute the KOR Universal Services Agreement (“KOR USA” or

“USA”) and applicable addendums. The SDR does not, and will not, tie or bundle the offering of mandated 

regulatory services with other services offered by KOR SDR or a KOR Affiliate. 

KOR SDR imposes the following qualifications on Clients of the SDR (collectively, the “Client Criteria”): 

a. A valid LEI; 1

b. Execution of the KOR USA and applicable SDR addendums;

c. Compliance with the KOR SDR Rulebook and KOR SDR Technical Specifications2 as published by KOR 

SDR; and

d. Compliance with Applicable Law, specifically those related to sanctions administered and enforced the 

by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”)

This document is meant to give Market Participants interested in using the KOR SDR an overview of the Client 

onboarding process. 

2. Client Types

Client is an all-encompassing term for a company who has executed the KOR USA all applicable addendums.

Clients includes Counterparty and Delegated Reporter types. If you are uncertain to the type of Client you 

should register as, please follow the flow chart or contact the KOR Client Support team with any questions. 

Type Definition

Counterparty 

Client

Derivative Clearing Organizations (DCO), Swap Execution Facilities (SEF), Designated 

Contract Markets (DCM), Swap Dealers (SD), Major Swap Participant (MSP) and nonSD/MSP/DCO entities who are party to a trade reported to a SDR.

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 SDR 

on behalf of a Counterparty Client and that:

o has executed a KOR USA and Delegated Reporter Client Addendum;
KOR SDR Onboarding and Access Guide 4

o 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 

o 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:

o Is not a party to the trade submitted or accessed;

o has executed a KOR USA and Delegated Reporter Client Agreement;

o has authorized by Counterparty Client to report on their behalf; and

o 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.

All Clients must also complete the Administrative User form.

Entity Activity USA

SDR Counterparty 

Client Addendum

SDR Delegated 

Reporter 

Addendum

Submit data for self-reporting

Submit data on behalf of Related Entities

Submit data for self-reporting and on behalf of 

Related Entities or a non-related entity Client

Grant access to another Client to Report 

and/or View their data.

View data on behalf of another Client.

View data for swaps that they are a party of.

Examples:

a. 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 
KOR SDR Onboarding and Access Guide 5

USA, the SDR Counterparty Client Addendum, and the SDR Delegated Reporter Client 

Addendum.

b. A Client that is reporting their own swaps and those of affiliate entities would execute the 

USA, the SDR Counterparty Client Addendum, and the SDR Delegated Reporter Client 

Addendum.

c. A vendor reporting or accessing data on behalf of a Client would execute the USA and SDR 

Delegated Reporter Addendum.

d. 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 SDR Counterparty Client Addendum.

3. Onboarding

As a general policy, KOR SDR requires all applicants to execute and submit Client Agreements and onboarding 

forms in electronic form only. Paper copies will not be accepted. By entering into the KOR USA, each Client 

agrees to be bound by the terms of the USA, SDR Rulebook, and any published policies and guides in the KOR 

SDR Client Portal. 

The agreements can be found on the KOR SDR Client Portal after creating a secure log on.

Each Client User is assigned a role which determines rights on the KOR SDR system.

Right Administrator 

User

Participant 

User

Analyst 

User

Administer Client wide settings

Add, edit, remove Users

Submit data

Access data

3.1 Administrator User

Clients are required to maintain at least two Administrative Users on the SDR System. This information must 

be provided at the time of execution of the KOR USA, applicable SDR Client Addendum(s) and onboarding 

details. Client is responsible for ensuring that correct contact information for Administrator Users must be

kept up to date at all times. Administrative Users will be the main point of contact for KOR’s Client Services in 

regard to urgent issues.

Once the Agreements and applicable forms have been electronically executed and verified, the persons who 

were identified as the Administrative Users will receive an email with their temporary login details the KOR 

SDR system and KOR Client Portal, including the Administrator panel. Administrator Users must change their 

password on their first login.

Administrative Users are responsible for creating, managing, and removing User access for their 

company. Setting up new users is a quick and simplified process that allows users to set up users either via the 

UI or a bulk file import. User access is driven by roles to assist users with determining the correct access upon 

set up and reviewing User access reports. 
KOR SDR Onboarding and Access Guide 6

Administrative Users are responsible for creating, managing, and removing access to their company by

other Clients who are eligible to access the SDR System on behalf of the Client including Third-party Client and 

Related Entity access.

4. Access to Data in KOR SDR

Any Market Participant that has executed the applicable agreements may access SDR Data to which they are 

attributed on or for which they have been granted access to on behalf of a Client. Access to KOR SDR is strictly 

limited to active Users with valid permissions created by their Client’s Administrator User. 

Upon set up, Users will be provided logins and the ability to access data in the KOR SDR per the User Guide. 

Access is driven off the Client’s LEIs for which the User has been associated. Users may be granted access to 

multiple LEIs under the same Parent as related entities. 

The KOR SDR System will allow Users to view full trade details associated with any individual swap and all 

associated messages, errors and reports which they have permission to view where their Client LEI is one of 

the following fields:

a. Central counterparty

b. Clearing member

c. Counterparty 1

d. Counterparty 2

e. Submitter identifier

f. Reporter identifier3

g. Counterparty 1 Agent4

h. Counterparty 2 Agent4

For swaps executed on a SEF or DCM, the SEF or DCM may access the swap that they had the requirement to 

report, but not any data subsequently reported by the Reporting Counterparty. 

Clearing Members that have executed the appropriate Client Agreement and annexes may access swaps 

where they are listed as the Clearing Member. 

Investment Managers that have executed the appropriate Client Agreement and addendums and been 

granted access from their managed funds which are Clients, may access swaps where they are a counterparty 

or the executing agent. 

5. Clearing Exemption Forms

Once a Client is onboarded, they will have access to fill out their applicable Clearing Exception Forms on the 

KOR SDR UI. This includes all types of Clients for the LEIs they have been granted access. For clarity, there is 

no cost to execute the Clearing Exemption forms. 
KOR SDR Onboarding and Access Guide 7

Section 2(h)(7)(A) of the CEA and CFTC Regulations 50.50 and 50.51, as well as additional applicable no action 

CFTC Letters, provide for a number of exceptions and an exemption from required clearing for swaps entered 

into by certain non-financial end users, financial cooperatives, treasury affiliates, bank holding companies and 

savings and loan holding companies, and community development financial institutions (collectively, the 

“Clearing Exemption”). 

Market Participants electing a Clearing Exemption on a mandatory clearable swap must (1) complete the 

applicable clearing exemption form annually, and (2) have the Reporting Counterparty indicate the election(s) 

elected on the swap per the KOR SDR Technical Specifications. The form must be updated as soon as 

practicable in the event that that any of the information has changed. If no changes have occurred, the Client 

must submit a new Form on at least an annual basis. 

6. Technical Implementation 

For Clients submitting data to KOR SDR, they are required to write to the KOR Technical Specifications 

and the KOR SDR JSON API.