Isda launches evergreen novation protocol
The International Swaps and Derivatives Association today launched its updated Novation Protocol II (NPII).
It replaces the requirement for prior written consent from the third party in an assignment trade, replacing it with an exchange of electronic agreements. The protocol will apply to credit and interest rate derivatives.
The first novation protocol closed on December 1, 2005, with almost 2,000 signatories. The NPII is 'evergreen' as it will be open permanently.
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