Novations
Markit Wire’s online novation process combines the consent and documentation process into one easy step. There is no need for a separate email-based consent process.
- Simple and easy to use
- Satisfies the ISDA Novation ProtocolSM
- Real-time platform allows immediate 3-way communication – 6pm deadline is not a concern
- Full details of original confirmation are automatically included
- Consent and legal confirmation completed in a single step
The outgoing party selects an existing trade and presses the “Novate” button. A fee can be entered. The novation request is sent instantly via Markit Wire to the Incoming and Remaining Party trading desks. Fee details are not shown to the Remaining Party.
Each party signals its agreement by pressing the “Affirm” button. All three parties are notified when tri-lateral agreement has been reached. A new trade record with its own unique identifier is created for the Novation Agreement and the trade is available to the counter parties.
The new trade record also references the original trade record and all of the trade details. The original trade record is marked as Novated.
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