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| Definition Of: |
substitution
The substitution of one party for another in respect of an obligation. In a netting and settlement context the term typically refers to the process of amending a contract between two parties so that a third party is interposed as counterparty to each of the two parties and the original contract between the two parties is satisfied and discharged. See also: net settlement novation
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Banking INDEX:
List of Terms: Terms beginning with "A", Page 1 |
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1 2 3 A: Page 1 of 3.
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