KOR has begun accepting submissions through its Australian derivative trade repository (ADTR), giving reporting entities a second licensed repository option for complying with the Australian Securities and Investments Commission’s (ASIC’s) Derivative Transaction Rules.
The repository supports all reportable asset classes and client segments. Its launch follows ASIC’s decision to grant KOR an ADTR licence, making Australia the latest market in which KOR operates licensed trade repository infrastructure.
The opening comes as ASIC increases its scrutiny of derivatives reporting following the revised rules introduced in October 2024. KOR said regulatory fines and data-quality assessment reports have placed greater pressure on firms to improve the completeness and accuracy of their submissions.
KOR’s repository provides sub-second message processing, aggregated explanations for rejected messages and real-time grouping of rejections. The company said these functions can help reporting teams identify systemic submission problems and understand how rejected reports should be corrected. Clients can also access reporting histories on demand and test their submissions in an environment designed to operate at production-level performance.
“A reporting team should be able to have a well explained reason for why a message was rejected and how to correct it, have a TR that is always open to receive data, and a support staff who are experts in the regulations,” said Jonathan Thursby, Chief Executive Officer of KOR. “That is not an ambitious standard for a trade repository. It is the baseline.”
Firms moving open trades or positions to KOR must send a port-out message to their incumbent repository and a corresponding port-in message to KOR. The same unique transaction identifier (UTI) is retained, avoiding the need to re-key trades or reconstruct their reporting history. Closed trades and positions remain at the previous repository. KOR said it will manage the porting process for users of its reporting services.
The Australian operation extends KOR’s licensed trade repository coverage beyond the United States, where it operates repositories regulated by the CFTC and SEC, and Canada. Its wider reporting platform also supports obligations in the EU, UK and Singapore.
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