Novation revolution ... or the death of email for CDS processing
Mark Beeston explains the evolution of novation processing from an email-based system to fully automated consent through T-Zero, which combines front-office connectivity, workflow for all novation operations and a real-time link to the DTCC Trade Warehouse
Addressing the operational challenges posed by the high volume of novations in the credit derivatives market continues to be at the forefront of industry efforts to improve efficiency and scalability. The most recent industry commitments to the Federal Reserve Bank of New York highlighted novations as a key area of operational focus and established clear targets for 2008 that apply to all market participants. These new targets are acting as a catalyst for a real transformation of novation
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