T-Zero - Services - Novations

SERVICES - NOVATIONS

1	Buy-side initiates novation and message to remaining party and transferee
2	Remaining party affirms the novation
3	Transferee affirms the novation
4	Buy-side novation routed to DTCC by T-Zero®
5	T-Zero® can also submit novations to DTCC on Dealers behalf
6	Novation executed on DTCC

T-Zero®’s robust workflow messaging makes complying with the ISDA Novation Protocol a three-click process.
Adherence to the 2005 ISDA Novation Protocol, and the novation/termination process in
general, provides significant challenges for all counterparties.
T-Zero®’s multi-dealer platform and multilateral approach adds significant value to all sides in the
transaction.
T-Zero® reduces the difficulties associated with novations (and terminations) by providing an
electronic, transparent and auditable process.