T-Zero has introduced a new service, Novations+, it says fully automates novations processing for credit derivatives.
On March 13, the President's Working Group on Financial Markets issued recommendations for the industry to automate and coordinate its processes so that over-the-counter derivatives can be tracked electronically throughout their life cycle. Two weeks later, a group of trade associations and broker-dealers--the operations management group (OMG)--sent a letter to regulators confirming their commitment to streamlining processing. T-Zero says that its new system directly addresses the OMG's goal to submit novation requests via an electronic platform rather than e-mail.
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