CDS buyers in last-minute rush to meet novation deadline

Technology vendors have reported a significant upturn in activity among buy-side firms looking to meet a February 28 deadline for processing all credit derivatives novation consents through electronic platforms.

Novation involves the transfer of rights in a derivatives trade from one counterparty to another, and requires the consent of all parties. Once consent is attained, the trade then goes through a confirmation process.

In the buy-side community, email has been the traditional means of consen

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