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March 21, 2022

Via E-mail (submissions@cftc.gov)

Mr. Christopher J. Kirkpatrick

Secretary

Commodity Futures Trading Commission

Three Lafayette Centre

155 21st Street, NW

Washington D.C. 20581

Re: KOR Reporting, Inc. – Application for Registration as a Swap Data Repository

Mr. Kirkpatrick:

KOR Reporting, Inc. hereby applies for registration as a swap data repository pursuant to 

Section 21 of the Commodity Exchange Act and Commission Regulation 49.3.

The application consists of this transmittal letter; the attached exhibits designated on Schedule 

1 for which “Non-Confidential Submission” and “Confidential Submission,” has been indicated; 

and a petition for confidential treatment, which is being submitted simultaneously to the 

Assistant Secretary of the Commission for Freedom of Information.

Should you have any questions on this application, please do not hesitate to contact me at 

678.612.6133 or tmanuel@korfinancial.com 

Sincerely, 

Tara Collier Manuel

Chief Compliance Officer & Head of Regulatory Products

678.612.6133

tmanuel@KORFinancial.com

Cc: 

Jonathan Thursby

Chief Executive Officer
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Schedule 1

Document Name Exhibit Description Confidential 

Document 

(FOIA 

Requested)

Part 49 checklist Confidential 

Submission

Part 43, 45, 50 

checklist

Confidential 

Submission

Ownership Exhibit 

A

Exhibit A, any person who owns ten (10) percent or more of 

Applicant's equity or possesses voting power of any class, 

either directly or indirectly, through agreement or 

otherwise, in any other manner, may control or direct the 

management or policies of Applicant. “Control” for this 

purpose is defined in Commission Regulation § 49.2(a).

State in Exhibit A the full name and address of each such 

person and attach a copy of the agreement or, if there is 

none written, describe the agreement or basis upon which 

such person exercises or may exercise such control or 

direction.

Confidential 

Submission

Narrative explaining 

fitness standards of 

the Board

Exhibit 

B-1

Exhibit B, a narrative that sets forth the fitness standards for 

the board of directors and its composition including the 

number or percentage of public directors.

NonConfidential 

Submission

KOR Reporting 

Board of Directors 

Members

Exhibit 

B-2

Exhibit B, 

Attach a list of the present officers, directors (including an 

identification of the public directors), governors (and, if 

the Applicant is not a corporation, the members of all 

standing committees grouped by committee), or persons 

performing functions similar to any of the foregoing, of the 

swap data repository or of the entity identified in Item 16 

that performs the swap data repository activities of the 

Applicant, indicating for each:

a. Name

b. Title

c. Date of commencement and, if appropriate, termination 

of present term of position

d. Length of time each present officer, director, or governor 

has held the same position

e. Brief account of the business experience of each officer 

and director over the last five (5) years

f. Any other business affiliations in the securities industry or 

OTC derivatives industry

g. A description of:

(1) any order of the Commission with respect to such person 

pursuant to section 5e of the Act;

NonConfidential 

Submission
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(2) any conviction or injunction within the past 10 years;

(3) any disciplinary action with respect to such person within 

the last five (5) years;

(4) any disqualification under sections 8b and 8d of the Act;

(5) any disciplinary action under section 8c of the Act; and

(6) any violation pursuant to section 9 of the Act.

h. For directors, list any committees on which the director 

serves and any compensation received by virtue of their 

directorship.

Chief Compliance 

Officer

Exhibit 

C

Attach as Exhibit C, the following information about the 

chief compliance officer who has been appointed by the 

board of directors of the swap data repository or a person 

or group performing a function similar to such board of 

directors:

a. Name

b. Title

c. Dates of commencement and termination of present term 

of office or position

d. Length of time the chief compliance officer has held the 

same office or position

e. Brief account of the business experience of the chief 

compliance officer over the last five (5) years

f. Any other business affiliations in the derivatives/securities 

industry or swap data repository industry

g. A description of: 

(1) any order of the Commission with respect to such person 

pursuant to section 5e of the Act;

(2) any conviction or injunction within the past 10 years;

(3) any disciplinary action with respect to such person within 

the last five (5) years;

(4) any disqualification under sections 8b and 8d of the Act;

(5) any disciplinary action under section 8c of the Act; and

(6) any violation pursuant to section 9 of the Act.

Confidential 

Submission

SDR Governance 

principles

Exhibit 

D-1

Attach as Exhibit D, a copy of documents relating to the 

governance arrangements of the Applicant, including, but 

not limited to:

a. The nomination and selection process of the members on 

the Applicant's board of directors, a person or group 

performing a function similar to a board of directors 

(collectively, “board”), or any committee that has the 

authority to act on behalf of the board, the responsibilities 

of each of the board and such committee, and the 

composition of each board and such committee;

b. a description of the manner in which the composition of 

the board allows the Applicant to comply with applicable 

core principles, regulations, as well as the rules of the 

Applicant; and

c. a description of the procedures to remove a member of 

the board of directors, where the conduct of such member 

NonConfidential 

Submission
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is likely to be prejudicial to the sound and prudent 

management of the swap data repository.

Compliance manual Exhibit 

D-2

Confidential 

Submission

Organizational 

Structure

Exhibit 

E

Attach as Exhibit E, a narrative or graphic description of the 

organizational structure of the Applicant. Note: If the swap 

data repository activities are conducted primarily by a 

division, subdivision, or other segregable entity within the 

Applicant's corporation or organization, describe the 

relationship of such entity within the overall organizational 

structure and attach as Exhibit E only such description as 

applies to the segregable entity. Additionally, provide any 

relevant jurisdictional information, including any and all 

jurisdictions in which the Applicant or any affiliated entity is 

doing business and registration status, including pending 

application (e.g., country, regulator, registration category, 

date of registration). In addition, include a description of the 

lines of responsibility and accountability for each 

operational unit of the Applicant to (i) any committee 

thereof and/or (ii) the board.

NonConfidential 

Submission

Conflicts of interest 

policy

Exhibit 

F-1

Attach as Exhibit F, a copy of the conflicts of interest policies 

and procedures implemented by the Applicant to minimize 

conflicts of interest in the decision-making process of the 

swap data repository and to establish a process for the 

resolution of any such conflicts of interest.

Confidential 

Submission

Board of Directors 

Conflicts of interest 

policy

Exhibit 

F-2

NonConfidential 

Submission

KOR Organizational 

structure

Exhibit 

G

Attach as Exhibit G, a list of all affiliates of the swap data 

repository and indicate the general nature of the affiliation. 

Provide a copy of any agreements entered into or to be 

entered by the swap data repository, including partnerships 

or joint ventures, or its participants, that will enable the 

Applicant to comply with the registration requirements and 

core principles specified in section 21 of the Act. With 

regard to an affiliate that is a parent company of the 

Applicant, if such parent controls the Applicant, an Applicant 

must provide (i) the board composition of the parent, 

including public directors, and (ii) all ownership information 

requested in Exhibit A for the parent. “Control” for this 

purpose is defined in Commission Regulation § 49.2(a).

Confidential 

Submission

KOR Reporting Inc 

Certificate of 

Incorporation

Exhibit 

H-1

Attach as Exhibit H, a copy of the constitution; articles of 

incorporation or association with all amendments thereto; 

existing by-laws, rules, or instruments corresponding 

thereto, of the Applicant. The Applicant shall also provide a 

certificate of good standing dated within one week of the 

date of the application.

NonConfidential 

Submission
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Certificate of good 

standing

Exhibit 

H-2

NonConfidential 

Submission

Bylaws for KOR 

Reporting Inc.

Exhibit 

H-3

Confidential 

Submission

Foreign Entity Exhibit 

I-1

Where the Applicant is a foreign entity seeking registration 

or filing an amendment to an existing registration, attach as 

Exhibit I, an opinion of counsel that the swap data 

repository, as a matter of law, is able to provide the 

Commission with prompt access to the books and records of 

such swap data repository and that the swap data 

repository can submit to onsite inspection and examination 

by the Commission.

Confidential 

Submission

Foreign Entity -

Legal opinion

Exhibit 

I-2

Confidential 

Submission

Rulebook Exhibit 

J

Attach as Exhibit J, a current copy of the Applicant's rules, as 

defined in Commission Regulation § 40.1, consisting of all 

the rules necessary to carry out the duties as a swap data 

repository.

NonConfidential 

Submission

Internal Disciplinary 

Policy

Exhibit 

K

Attach as Exhibit K, a description of the Applicant's internal 

disciplinary and enforcement protocols, tools, and 

procedures. Include the procedures for dispute resolution.

Confidential 

Submission

KOR Reporting 

Description of Legal 

Proceedings

Exhibit 

L

Attach as Exhibit L, a brief description of any material 

pending legal proceeding(s), other than ordinary and 

routine litigation incidental to the business, to which the 

Applicant or any of its affiliates is a party or to which any of 

its or their property is the subject. Include the name of the 

court or agency in which the proceeding(s) are pending, the 

date(s) instituted, and the principal parties thereto, a 

description of the factual basis alleged to underlie the 

proceeding(s) and the relief sought. Include similar

information as to any such proceeding(s) known to be 

contemplated by the governmental agencies.

Confidential 

Submission

Financials: 

Balance Sheet

Income and 

Expense Statement

Statement of 

sources and 

application of 

revenues

All notes or 

schedules

Exhibit 

M-1

Attach as Exhibit M, a balance sheet, statement of income 

and expenses, statement of sources and application of 

revenues, and all notes or schedules thereto, as of the most 

recent fiscal year of the Applicant. If a balance sheet and 

statements certified by an independent public accountant 

are available, such balance sheet and statement shall be 

submitted as Exhibit M.

Confidential 

Submission

Financials: 

12 Month forecast

Exhibit 

M-2

Confidential 

Submission

Affiliated Entity 

Financials

Exhibit 

N

Attach as Exhibit N, a balance sheet and an income and 

expense statement for each affiliate of the swap data 

repository that also engages in swap data repository 

Confidential 

Submission
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activities as of the end of the most recent fiscal year of each 

such affiliate.

Fee Schedule Exhibit 

O-1

Attach as Exhibit O, the following:

a. A complete list of all dues, fees, and other charges 

imposed, or to be imposed, by or on behalf of Applicant for 

its swap data repository services and identify the service or 

services provided for each such due, fee, or other charge.

NonConfidential 

Submission

Fee schedule 

Rational and 

differentiation

Exhibit 

O-2

b. Furnish a description of the basis and methods used in 

determining the level and structure of the dues, fees, and 

other charges listed in paragraph a of this item.

c. If the Applicant differentiates, or proposes to 

differentiate, among its customers, or classes of customers 

in the amount of any dues, fees, or other charges imposed 

for the same or similar services, so state and indicate the 

amount of each differential. In addition, identify and 

describe any differences in the cost of providing such 

services, and any other factors, that account for such 

differentiations.

Confidential 

Submission

KOR Universal 

Services Agreement

Exhibit 

P-1

Attach as Exhibit P, copies of all material contracts with any 

swap execution facility, designated contract market, clearing 

agency, central counterparty, or third party service provider. 

To the extent that form contracts are used by the Applicant, 

submit a sample of each type of form contract used. In 

addition, include a list of swap execution facilities, 

designated contract markets, clearing agencies, central 

counterparties, and third party service providers with whom 

the Applicant has entered into material contracts. Where 

swap data repository functions are performed by a thirdparty, attach any agreements between or among the 

Applicant and such third party, and identify the services that 

will be provided.

Where swap data repository functions are performed by a 

third-party, attach any agreements between or among the 

Applicant and such third party, and identify the services that 

will be provided.

NonConfidential 

Submission

List of Client’s with 

executed 

agreements

Exhibit 

P-2

To the extent that form contracts are used by the Applicant, 

submit a sample of each type of form contract used. In 

addition, include a list of swap execution facilities, 

designated contract markets, clearing agencies, central 

counterparties, and third party service providers with whom 

the Applicant has entered into material contracts.

Confidential 

Submission

Counterparty Client 

Addendum 

Exhibit 

P-3

NonConfidential 

Submission

Delegated Reporter 

agreements

Exhibit 

P-4

NonConfidential 

Submission
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Administrative User 

Form

Exhibit 

P-5

NonConfidential 

Submission

KOR Acceptable Use 

Policy

Exhibit 

P-6

NonConfidential 

Submission

Inter-company 

Agreement

Exhibit 

P-7

Confidential 

Submission

AWS Enterprise 

Agreement 

Exhibit 

P-8.1

Confidential 

Submission

AWS NDA Exhibit 

P-8.2

Confidential 

Submission

AWS Nondisclosure Exhibit 

P-8.3

Confidential 

Submission

User guide Exhibit 

Q-1

Attach as Exhibit Q, any technical manuals, other guides or 

instructions for users of, or participants in, the market

Confidential 

Submission

KOR SDR Technical 

Specification

Exhibit 

Q-2

Confidential 

Submission

System test 

procedures

Exhibit 

R-1

Attach as Exhibit R, a description of system test procedures, 

test conducted or test results that will enable the Applicant 

to comply, or demonstrate the Applicant's ability to comply, 

with the core principles for swap data repositories.

Confidential 

Submission

System test results

(Global 

Information)

Exhibit 

R-2.1

Confidential 

Submission

System test results

(Poll Message State)

Exhibit 

R-2.2

Confidential 

Submission

System test results

(Submit Message)

Exhibit 

R-2.3

Confidential 

Submission

System 

functionality

Exhibit 

S-1

Attach as Exhibit S, a description in narrative form, or by the 

inclusion of functional specifications, of each service or 

function performed as a swap data repository. 

Confidential 

Submission

SDR Functional 

System Diagram

Exhibit 

S-1.1

Confidential 

Submission

SDR Network 

Diagram

Exhibit 

S-1.2

Confidential 

Submission

Multiple Trade 

Repositories 

Network Separation 

Diagram

Exhibit 

S-1.3

Confidential 

Submission

Data retention 

policy

Exhibit 

S-2

Include in Exhibit S a description of all procedures utilized 

for the collection, processing, distribution, publication, and 

retention (e.g., magnetic tape) of information with respect 

to transactions or positions in, or the terms and conditions 

of, swaps entered into by market participants.

Confidential 

Submission

Hardware Exhibit 

T

Attach as Exhibit T, a list of all computer hardware utilized 

by the Applicant to perform swap data repository functions, 

Confidential 

Submission
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indicating where such equipment (terminals and other 

access devices) is physically located.

Personnel 

Qualifications

Exhibit 

U

Attach as Exhibit U, a description of the personnel 

qualifications for each category of professional employees 

employed by the swap data repository or the division, 

subdivision, or other segregable entity within the swap data 

repository as described in Item 16.

Confidential 

Submission

SDR Access Policy Exhibit 

V-1

Attach as Exhibit V, a description of the measures or 

procedures implemented by Applicant to provide for the 

security of any system employed to perform the functions of 

a swap data repository. Include a general description of any 

physical and operational safeguards designed to prevent 

unauthorized access (whether by input or retrieval) to the 

system.

Describe any measures used to verify the accuracy of 

information received or disseminated by the system.

Confidential 

Submission

System safeguards 

failures 

Exhibit 

V-2

Describe any circumstances within the past year in which 

the described security measures or safeguards failed to 

prevent any such unauthorized access to the system and 

any measures taken to prevent a reoccurrence.

Confidential 

Submission

System safeguards 

policy

Exhibit 

V-3

Confidential 

Submission

Risk Framework Exhibit 

V-4

Confidential 

Submission

Business continuitydisaster recovery 

plan

Exhibit 

W

Attach as Exhibit W, copies of emergency policies and 

procedures and Applicant's business continuity-disaster 

recovery plan. Include a general description of any business 

continuity-disaster recovery resources, emergency 

procedures, and backup facilities sufficient to enable timely 

recovery and resumption of its operations and resumption 

of its ongoing fulfillment of its duties and obligations as a 

swap data repository following any disruption of its 

operations.

Confidential 

Submission

Back up facilities Exhibit 

X-1

Where swap data repository functions are performed by 

automated facilities or systems, attach as Exhibit X a 

description of all backup systems or subsystems that are 

designed to prevent interruptions in the performance of any 

swap data repository function as a result of technical 

malfunctions or otherwise in the system itself, in any 

permitted input or output system connection, or as a result 

of any independent source. 

Confidential 

Submission

System outages Exhibit 

X-2

Include a narrative description of each type of interruption 

that has lasted for more than two minutes and has occurred 

within the six (6) months preceding the date of the filing, 

including the date of each interruption, the cause, and 

Confidential 

Submission
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duration. Also state the total number of interruptions that 

have lasted two minutes or less.

Capacity Exhibit 

Y

Attach as Exhibit Y, the following:

a. For each of the swap data repository functions:

(1) Quantify in appropriate units of measure the limits on 

the swap data repository's capacity to receive (or collect), 

process, store, or display (or disseminate for display or 

other use) the data elements included within each function 

(e.g., number of inquiries from remote terminals);

(2) identify the factors (mechanical, electronic, or other) 

that account for the current limitations reported in answer 

to (1) on the swap data repository's capacity to receive (or 

collect), process, store, or display (or disseminate for display 

or other use) the data elements included within each 

function.

b. If the Applicant is able to employ, or presently employs, 

the central processing units of its system(s) for any use 

other than for performing the functions of a swap data 

repository, state the priorities of assignment of capacity 

between such functions and such other uses, and state the 

methods used or able to be used to divert capacity between 

such functions and such other uses.

Confidential 

Submission

Client List Exhibit 

Z-1

Attach as Exhibit Z, the following:

a. As to each swap data repository service that the Applicant 

provides, state the number of persons who presently utilize, 

or who have notified the Applicant of their intention to 

utilize, the services of the swap data repository.

Confidential 

Submission

Prohibited clients Exhibit 

Z-2

b. For each instance during the past year in which any 

person has been prohibited or limited in respect of access to 

services offered by the Applicant as a swap data repository, 

indicate the name of each such person and the reason for 

the prohibition or limitation.

Confidential 

Submission

KOR Technical 

Specification

Exhibit 

Z-3

c. Define the data elements for purposes of the swap data 

repository's real-time public reporting obligation. Appendix 

A to Part 43 of the Commission's Regulations (Data 

Elements and Form for Real-Time Reporting for Particular 

Markets and Contracts) sets forth the specific data elements 

for real-time public reporting.

Confidential 

Submission

Agreements Exhibit 

AA

Attach as Exhibit AA, copies of any agreements governing 

the terms by which information may be shared by the swap 

data repository, including with market participants. To the 

extent that form contracts are used by the Applicant, submit 

a sample of each type of form contract used.

Confidential

Submission

Access limiting 

criteria

Exhibit 

BB

Attach as Exhibit BB, a description of any specifications, 

qualifications, or other criteria that limit, are interpreted to 

limit, or have the effect of limiting access to or use of any 

swap data repository services furnished by the Applicant 

and state the reasons for imposing such specifications, 

Confidential 

Submission
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qualifications, or other criteria, including whether such 

specifications, qualifications, or other criteria are imposed.

Client Access Exhibit 

CC

Attach as Exhibit CC, any specifications, qualifications, or 

other criteria required of participants who utilize the 

services of the Applicant for collection, processing, 

preparing for distribution, or public dissemination by the 

Applicant.

NonConfidential 

Submission

User access and 

onboarding guide

Exhibit 

DD

Attach as Exhibit DD, any specifications, qualifications, or 

other criteria required of any person, including, but not 

limited to, regulators, market participants, market 

infrastructures, venues from which data could be submitted 

to the Applicant, and third party service providers who 

request access to data maintained by the Applicant.

NonConfidential 

Submission

Denial, Revocation, 

or Suspension of 

Client Access Policy

Exhibit 

EE

Attach as Exhibit EE, policies and procedures implemented 

by the Applicant to review any prohibition or limitation of 

any person with respect to access to services offered or data 

maintained by the Applicant and to grant such person 

access to such services or data if such person has been 

discriminated against unfairly.

NonConfidential 

Submission

Core Principles 

Chart

Exhibit 

FF-1

Attach as Exhibit FF, a narrative and supporting documents 

that may be provided under other Exhibits herein, that 

describes the manner in which the Applicant is able to 

comply with each core principle and other requirements 

pursuant to Commission Regulation § 49.19.

NonConfidential 

Submission

Disclosure 

Document

Exhibit 

FF-2

NonConfidential 

Submission

Code of Conduct Exhibit 

GG-1

Attach as Exhibit GG policies and procedures implemented 

by the Applicant protect the privacy of any and all swap 

information that the swap data repository receives from 

reporting entities.

Confidential 

Submission

Confidentiality and 

Data Protection 

Policy

Exhibit 

GG-2

Confidential 

Submission

Information 

Security Policy

Exhibit 

GG-3

Confidential 

Submission

Records and 

Information 

management policy

Exhibit 

GG-4

Confidential 

Submission

External 

Communication 

Policy

Exhibit 

GG-5

Confidential 

Submission

Software 

Development Life 

Cycle Policy (SDLC)

Exhibit 

GG-6

Confidential 

Submission

Privacy safeguards Exhibit 

HH

Attach as Exhibit HH, a description of safeguards, policies, 

and procedures implemented by the Applicant to prevent 

the misappropriation or misuse of (a) any confidential 

Confidential 

Submission
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information received by the Applicant, including, but not 

limited to, SDR data, section 8 material, and SDR 

information, about a market participant or any of its 

customers; and/or (b) intellectual property by Applicant or 

any person associated with the Applicant for their personal 

benefit or the benefit of others.

Data use policy Exhibit 

II

Attach as Exhibit II, policies and procedures implemented by 

the Applicant regarding its use of the SDR data, section 8 

material, and SDR information that it receives from a market 

participant, any registered entity, or any person for noncommercial and/or commercial purposes.

Confidential 

Submission

Dispute policy Exhibit 

JJ

Attach as Exhibit JJ, procedures and a description of facilities 

of the Applicant for effectively resolving disputes over the 

accuracy of the SDR data and positions that are maintained 

by the swap data repository.

NonConfidential 

Submission

Position calculation 

policy

Exhibit 

KK

Attach as Exhibit KK, policies and procedures relating to the 

Applicant's calculation of positions.

NonConfidential 

Submission

Data invalidation 

policy

Exhibit 

LL

Attach as Exhibit LL, policies and procedures that are 

reasonably designed to prevent any provision in a valid 

swap from being invalidated or modified through the 

procedures or operations of the Applicant.

Confidential 

Submission

Withdraw and 

transfer policy

Exhibit 

MM

Attach as Exhibit MM, Applicant's policies and procedures 

that ensure that the SDR data that are maintained by the 

Applicant continues to be maintained after the Applicant 

withdraws from registration as a swap data repository, 

which shall include procedures for transferring the SDR data 

to the Commission or its designee (including another swap 

data repository).

Confidential 

Submission