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ISDA Operations and Novation Material

August 2010 Additional Provisions for Consent to, and Confirmation of, Transfer by Novation of OTC Derivative Transactions
(published August 25, 2010)

These additional provisions were prepared to facilitate the launch of the Consent = Confirmation project for Credit Derivatives Transactions. They are designed for incorporation into the documentation governing use of a Novation Consent Platform to set out the legal effect of a novation consent request processed through that platform. It is intended to apply to users of the relevant platform via the users' agreement to be governed by the platform's rules, and to ensure that consistent legal provisions apply to novation consent requests processed through different platforms.

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Guide to Implementation of the 2005 ISDA Novation Protocol

The guide provides an outline of the duties of each of the parties to a novation when completing a novation pursuant to the terms of the 2005 ISDA Novation Protocol.

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2004 ISDA Novation Definitions

The 2004 ISDA Novation Definitions are intended to facilitate the documentation of the novation of transactions under the ISDA Master Agreement.

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Exhibits to the ISDA 2004 Novation Definitions

These exhibits form part of the 2004 Novation Definitions. For your convenience and practicality we are making them available in word format.

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Novation Confirmation
(published September 15, 2014)
(This form, published September 15, 2014, supersedes the form of Novation Confirmation published April 3, 2012)

A revised Novation Confirmation for use where a Credit Derivative Transaction is the subject of the novation. Based on Exhibit C to the ISDA 2004 Novation Definitions, this revised document incorporates into the New Transaction the changes introduced by (a) the use of the 2014 ISDA Credit Derivatives Definitions and (b) where applicable, the changes to the 2003 ISDA Credit Derivatives Definitions made by the 2012 ISDA U.S. Municipal Reference Entity CDS Protocol. For your convenience and practicality we are making this available in word format.

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Novation Confirmation
(published April 3, 2012)

(This form, published April 3, 2012, supersedes the form of Novation Confirmation published January 31, 2011)

A revised Novation Confirmation for use where a Credit Derivative Transaction is the subject of the novation. Based on Exhibit C to the ISDA 2004 Novation Definitions, this revised document incorporates into the New Transaction the changes introduced by (a) the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring CDS Protocol and (b) where applicable, the changes introduced by the 2012 ISDA U.S. Municipal Reference Entity CDS Protocol. For your convenience and practicality we are making this available in word format.

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Novation Confirmation
(published January 31, 2011)

(This form, published January 31, 2011, is superseded by the April 3, 2012 publication.)

A revised Novation Confirmation for use where a Credit Derivative Transaction is the subject of the novation.  Based on Exhibit C to the ISDA 2004 Novation Definitions, this revised document incorporates the changes introduced by the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring CDS Protocol into the New Transaction. For your convenience and practicality we are making this available in word format.

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User's Guide to the 2004 ISDA Novation Definitions and Best Practice Statement

This User's Guide and Best Practice Statement is intended for use with the 2004 ISDA Novations Definitions

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Click here to view/download pdf (format) - Best Practice Statement


2004 ISDA Novations User's Guide Confirmations  

These confirmations form part of the User's Guide to the 2004 ISDA Novation Definitions. For your convenience and practicality, we are making the Confirmations available in Word Format.

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Impact of MiFID on ISDA Documentation

In response to queries from members, ISDA has asked Chris Bates of Clifford Chance to prepare a memorandum analysing the effect of MiFID implementation on ISDA’s documentation. A call with Chris Bates on this topic will take place in September. Further details will be posted on ISDA’s website in due course.

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Click here to access on Members Portal. Located under "Legal Resources - Memorandum"


Linklaters Memorandum on the Enforceability of Novated Transactions (Under English Law)

This memorandum by Linklaters discusses the enforceability of novated transactions under English law.

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Click here to access on Members Portal. Located under "Legal Resources - Memorandum"


Allen & Overy Memorandum on the Enforceability of Novated Transactions (Under New York Law)

This memorandum by Allen & Overy discusses the enforceability of novated transactions under New York law.

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Click here to access on Members Portal. Located under "Legal Resources - Memorandum"


Linklater's Memo on Partial Novations

This memorandum by Linklaters discusses the enforceability of partial novations under UK law.

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Novation Agreement and User's Guide

The Novation Agreement is intended to be used in cases where two parties have entered into one or more Transactions and one of those parties subsequently transfers its rights, liabilities, duties and obligations to a new counterparty. A User's Guide accompanies the Novation Agreement.

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Linklaters Memorandum on the Enforceability of Novated Transactions (Under English Law)

This memorandum by Linklaters discusses the enforceability of novated transactions under English law.

Free Download for members only
Click here to access on Members Portal. Located under "Legal Resources - Memorandum"


Operational Risk: The Next Frontier
(Hardy Copy Only)

Operational Risk: The Next Frontier is a pioneering study of operational risk in the global financial services industry. The document was co-sponsored by the British Bankers Association, Robert Morris Associates and ISDA. The study analyzes rapidly evolving operational risk technology, practice and management. The study also describes and analyzes detailed responses obtained from more than fifty global financial institutions.

 

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