October 4, 2022
KOR SDR is Live with CFTC Re-write Reporting Rules in Advance of December Deadline
PRNewswire | ATLANTA — KOR Financial announces the launch of its CFTC registered Swap Data Repository (SDR), the first and only SDR to go live with the newly mandated re-write changes to swaps reporting, well in advance of the December 5, 2022 final compliance date. The first SDR to be licensed in eight years, KOR introduces reporting-as-a-service to improve data quality, reduce errors and improve efficiency through actionable insights. Launch clients include clearing, exchange and end user firms.
Powering the heart of trade reporting, the KOR SDR validation engine introduces sub-second data processing and rejection details backed by 100k+ hand-written automated testing scenarios. KOR’s innovations of submission timeliness analytics, pattern control frameworks, data driven correction recommendations and peer benchmarking usher in new approaches to reporting compliance and operations.
Led by former executives of CME Group, ICE, and London Stock Exchange regulatory reporting businesses, KOR SDR is built to address systemic industry reporting failures of the last decade, inadequate service levels, and the lack of client in-house expertise to support sweeping global regulatory changes.
“The well defined API documentation and the KOR system design allowed us to integrate quickly and switch SDRs with confidence, says Brandon Kotara, CTO at FTX US Derivatives. The ability to get fast and declarative submission responses is a game changer.”
KOR’s ‘API-first’ services enable clients to integrate all data, analytics, reports and insights seamlessly into their environment and operations. With user-centric designs, KOR’s user interface prioritizes actionable insights and organizes data for efficient workflows. According to KOR CEO and Founder Jonathan Thursby, “Building from a fresh start, the vision was to take lessons and insight from the past 10 years and create smart solutions to address industry systemic deficiencies and the upcoming waves of global regulatory changes. Only a clean slate start and use of 100% cloud infrastructure for scale and reliability could enable our unique design and reporting innovations.”
KOR also introduces a market first with on-demand access to data history, extensive self-administration tools and a vast knowledge base carefully crafted by industry experts.
By going live with the CFTC re-write over two months before the industry’s big bang cutover approach for December 5, 2022, KOR has lowered project and compliance risks for the industry while already delivering on CFTC phase 2 reporting with implementation of UPI and an architecture ready for ISO XML 20022 translations.
KOR is licensed by the CFTC in all asset classes and is supporting all client segments. “The specialized support for crypto markets to correctly model all product fields along with on-the-fly support of natural persons is unique in the market and was a big factor in our decision to use KOR. KOR is and has been a solid industry partner”, states Todd Miller, Amber Group – Americas COO. With all reporting firms having mandatory projects to support the new CFTC reporting rules, timing has never been better to upgrade SDRs. Switching of SDRs is now simplified with a snapshot cut-over of only open trades and positions.
KOR is in the application process for US SEC and pan-Canadian trade repository licenses, with expansion into the UK, EU, Australia and Singapore starting later this year.
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KOR Financial is Named ‘Best Regulatory Reporting Solution' by A-Team Group, RegTech Insight Awards
KOR Financial was Named ‘Best Regulatory Reporting Solution' by A-Team Group, RegTech Insight Awards – USA 2022. The awards recognise both established solution providers and innovative newcomers providing RegTech solutions that throughout the year have successfully improved firms’ ability to effectively respond to evolving and ever more complex regulatory requirements across the global financial services industry.