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Mumbai: The central bank on Wednesday issued draft guidelines on a structured mechanism for novation of over-the-counter (OTC) derivative contracts, wherein it proposed that novation can only be carried out with the consent of the remaining party at the prevailing market rates. The remaining party refers to the user who will continue to be a counterparty in the new contract after novation, which is a legal process where an existing contract is replaced with another, typically involving a consen ...Read More >
Mumbai, Jul 9 (PTI) The Reserve Bank on Wednesday issued draft guidelines for novation of OTC derivative contracts with a view to rationalising the related regulatory requirements. Novation means the replacement of a market maker with another market maker in an OTC derivative contract between two counterparties to an OTC derivative transaction with a new contract between remaining party and a third party (transferee). Also Read | Kolkata Fatafat Result Today: Kolkata FF Result for July 09, 202 ...Read More >
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