Isda issues second novation protocol

February 1—The International Swaps and Derivatives Association (Isda) today launched a second protocol for trade assignments in the credit and interest rate derivatives markets. 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 be open for a finite period, whereas the

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