ISDA has extended the adherence date for the Novation Protocol from 31 October to 30 November.
ISDA this week announced that over 700 adherents have signed up to ISDA's Novation Protocol, a solution which facilitates the transfer of an existing trade to a third party. Originally set to close 31 October, ISDA has extended the adherence period until 30 November 30, "to enable additional market participants to take part in the protocol."
ISDA is the global trade association representing leading participants in the privately negotiated derivatives industry. ISDA was chartered in 1985, and today has more than 650 member institutions from 47 countries on six continents.
These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities.
For more information on derrivatives please click here