ISDA Streamlines Credit Derivative Novation Process

On August 25, ISDA published ‘Additional Provisions for Consent to, Confirmation of, Transfer by Novation of OTC Derivative Transactions’. The provisions amend the novation protocol and provide for further streamlining of the process for novating or assigning credit derivative trades as part of ISDA’s ‘Credit Consent Equals Confirmation Project’. The project goes live on September 30. ISDA Release.