
Updated Isda CDS novation process to boost efficiency while minimising risk

Over-the-counter market participants have welcomed an updated process to streamline credit derivatives novation as a positive development for the sector that will help to combat operational risks.
On August 25 the International Swaps and Derivatives Association (Isda) announced its forthcoming 'Credit consent equals confirmation’ project. When novating a credit default swap (CDS) from one counterparty to another, the Isda Master Agreement governing the transaction mandates that written consent to
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