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Novation Protocol - Meaning

A document published by ISDA that defines the market standard procedures for novating interest rate and credit derivative transactions. The Protocol demands that the Transferor (the stepping-out party) seeks the consent of the Remaining Party that it is seeking to transfer by novation one or several trades to a new party (the Transferee). A transfer by Novation requires the consent of the Transferor, the Transferee and the Remaining Party. See also Consent equals Confirmation.

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