Isda signs 700 to novation protocol
Pickel tells of desire to cut across markets and offer a common approach to novation
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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