The International Swaps and Derivatives Association has announced Sept. 9 as the date its novations protocol will come into effect. The date was put back to offer more firms the opportunity to sign up (DW, 8/8).
The protocol will be legally binding and is designed to avoid documentation backlogs. Louise Marshall, spokeswoman for ISDA, said the trade association has already received substantial support for the draft protocol (DW, 7/22). ISDA wanted to give firms an additional period of time--particularly given the summer holiday period--to complete necessary front office, legal and operational adjustments to the way trade consents are handled, she added.
