Isda signs 700 to novation protocol
News
Over 700 firms have signed up to the International Swaps and Derivatives Association's novation protocol, designed to facilitate the transfer of an existing trade to a third party in privately-negotiated derivatives transactions.
Under the existing terms of the Isda Master Agreement, the prior written consent of the remaining party is required when its counterparty in a trade wishes to 'novate' or assign its position in a trade to a third party. Take, for example, a credit derivative transaction
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