Buy-side firms scramble to meet novation deadline
Technology vendors last month reported a significant upturn in activity among buy-side firms looking to meet a February 28 deadline for processing credit derivatives novation consents electronically.
Novations involve the transfer of rights in a trade from one counterparty to another, requiring the consent of all parties and a separate confirmation process.
In the buy-side community, email has been the traditional means of consent. But in an effort to reduce operational risk, the Operations
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