GlobeOp Financial Services (LSE:GO.), a leading independent provider of business process outsourcing, financial technology services and analytics to hedge funds and asset managers, today announced the availability of automated novation processing for credit derivatives.

The service supports the Operation Management Group's (OMG) commitment that the industry will implement automated novations for credit derivatives by the end of 2008.

Auto-novation enables all trade counterparties to receive real-time notification, standardised information and novation consent electronically via DTCC Deriv/SERV. Through GlobeOp's direct, real-time link to DTCC, clients can execute novations electronically, and be fully integrated with GlobeOp's straight-through-processing (STP) into trade booking, accounting, risk and other systems. The entire process occurs within GlobeOp's GoOTCTM over-the-counter (OTC) derivatives trade processing system.

"Providing this link to the Deriv/SERV novation process helps clients reduce operational risk by replacing novation consent emails with a robust real-time electronic platform," said Jon Anderson, global head of OTC derivatives. "GlobeOp's ...   more »