Isda issues follow-up to Novation Protocol

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The International Swaps and Derivatives Association (Isda) launched a second protocol for trade assignments in the credit and interest rate derivatives markets on February 1. The provisions of the Isda Novation Protocol II (NPII) are exactly the same as the September 2005 Novation Protocol which addressed confirmation backlogs associated with the transfer of derivatives trades to third parties. However, for legal reasons the first protocol had to remain open for only a finite period, whereas

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