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          Novation

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          Novation: recognised clearing corporations interpose to become legal counterparties, substituting contractual obligations between trade parties. Novation is the process by which recognised clearing corporations interpose between trade counterparties to become the legal counterparty, substituting contractual relationships for clearing and settlement and transferring counterparty exposure to the clearing corporation(s).
                            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                              Provisions expressly mentioned in the judgment/order text.

                                  Novation: recognised clearing corporations interpose to become legal counterparties, substituting contractual obligations between trade parties.

                                  Novation is the process by which recognised clearing corporations interpose between trade counterparties to become the legal counterparty, substituting contractual relationships for clearing and settlement and transferring counterparty exposure to the clearing corporation(s).


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