What is an "active" and a "passive" counterpart?

An active counterpart is a Komgo paying client. The active counterpart can access the platform, submit their preferences against other participants, and have visibility on identified matches.

A passive counterpart is not a Komgo paying client. The passive counterpart cannot access the platform, submit preferences, or identify matches.

Why do we have "passive" counterparts on the platform?

To enable active participants to submit preferences regarding a participant not on the platform and quickly identify a match. If two active participants match with the same passive counterpart, there is a triangulation opportunity.

What is a match?

A match refers to a triangulation opportunity involving:

3 active participants (buy and sell directions matching between 3 participants)

2 active participants and 1 passive participant (buy and sell directions matching between three participants).
Note: A passive participant cannot submit any preferences on the platform, but the tool applies a default neutral position for all passive counterparts (neutral meaning either buy or sell).

How do we know if the triangulation opportunity with a passive counterpart is valid?

The 2 active participants matching with the passive participant need to reach out to the passive participant outside of the platform to confirm the match.

How do we know if we have matches?

There are 2 ways to have visibility on the matches:

• On the platform, there is a "matches" page.
• Every Sunday at 4 AM CET, an email notification is sent to the active participants with the list of matches.

Note: you need to set up the relevant notification to receive such emails.

Is there a way to have visibility on bilateral opportunities before the run?

Yes, there are 2 ways to have visibility on bilateral opportunities:

• On the platform, there is an "Opportunities" page where participants can see what others have submitted against them and can quickly enter opposite directions to increase the chances of a match with a third participant.
• Every day at 6 PM CET, an email notification is sent to the active participants with the list of opportunities.

Note: you need to set up the relevant notification to receive such emails.

Does the tool manage the execution of the deals?

No, the tool aims to help active participants identify matches and confirm deals. The execution of the deals happens outside the platform (via your internal teams only or via the broker).

How can we speed up the process of submitting preferences?

We have implemented a "cascade" feature. If a participant wants to quickly enter data on the "Submission" page, they can enter data at higher tenor levels and then cascade the data to lower tenors. Example: If an active participant enters notional data at the year level, it can be automatically applied to season, quarter, and month tenors by ticking a the relevant box in the modal.

How does the cascade feature work?

• If there is no data in the cell and the user wants to enter data, the cascade toggle will be "on" by default.
• If there is data in the cell and the user wants to edit the cell, the cascade toggle will be "off" by default.

What is the rule to know if a deal will be sent to the broker or not?

The rule for determining if a deal will be sent to the broker is based on the participants' entries. Here are the scenarios:

• "Yes": The deal will go to the broker.
• "Yes" and "flexible": The deal will go to the broker.
• "Flexible": The deal will go to the broker.
• "Yes" and "no": The deal will go to the broker, but the broker will not contact the participant who entered "no" and will try to find a new participant to validate the deal.
• "No" and "flexible": The deal won't go to the broker.
• "No": The deal won't go to the broker.

Note: for passive counterparts and exchange, we will apply by default a "flexible" entry.