MarkitWire Process Flows:

Novations

5 November 2015

Confidential \ Copyright © 2015 Markit Group Limited

MarkitWire Process Flows: Novations

Table of Contents
1 Introduction ................................................................................................................................ 1
1.1 Document Overview ........................................................................................................................... 1
1.2 Assumptions ....................................................................................................................................... 2
1.3 Abbreviations ...................................................................................................................................... 2
2 Novations ................................................................................................................................... 3
2.1 Novation Main Flow ............................................................................................................................ 3
2.2 Novation Sub-Flows ......................................................................................................................... 10
2.2.1 Pull Deal (Outgoing Party)............................................................................................................................ 10
2.2.2 Revision (Incoming Party) ............................................................................................................................ 14
2.2.3 Revision (Remaining Party).......................................................................................................................... 22
2.2.4 Revision (Outgoing Party) ............................................................................................................................ 28
2.2.5 Transfer (All Users) ...................................................................................................................................... 31
Appendix A: Permissions ............................................................................................................... 33
Appendix C: Additional Documentation .......................................................................................... 35
MarkitWire Provisions and Annexes ............................................................................................................ 35
MarkitWire Business Processes and Flows ................................................................................................. 35
MarkitWire Regulatory Reporting Documentation........................................................................................ 35
MarkitWire User Guides and Cookbooks ..................................................................................................... 36
Appendix D: Contacting Markit Support ......................................................................................... 37
Markit Client Services .................................................................................................................................. 37

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1 Introduction
This document forms a part of a set of documents describing activity flow of MarkitWire system.
It is important that users of this document refer to the Master document before reading this
document.
Note: For more detailed information on the different MarkitWire business processes, see the
“MarkitWire Business Processes” document.

1.1 Document Overview

This document provides comprehensive descriptions of novation deal activity flows and includes
information covering the following areas:
Elements common among all types of deal and functionality, such as background and method,
are documented separately in the Master document.
Each flow document has one or more main flow diagrams and each main flow diagram may
have one or more associated sub-flow diagrams. Each flow diagram has a transition condition
table to describe condition details.

Note: Generally, actions/events that do not involve another user (for example, [Save] or
[Duplicate]) are excluded.

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1.2 Assumptions
Each user’s permission status does not change throughout the deal life-cycle. Also, the
transferee’s permissions are the same as those of the transferring user, or broader.
Note The above implies that if the user needs to go through Transition A with Permission A in
order to reach Transition B, then Permission A need not be re-stated as a condition for
Transition B, so as to simplify the documentation.
Transition conditions do not vary between MarkitWire Trader, MarkitWire End User Web Service
and MarkitWire API where the functionality is supported. If the user has the permission to initiate
a given type of deal, then the user has the permission to view the type of trade. If the user has
the permission to receive a given type of deal, then the user has the permission to view the type
of deal.
However, the current implementation of permissions (for example, separation/grouping,
hierarchy) may change in the future.
Where a four-way novation is selected it is assumed that the selected New Remaining party
legal entity is eligible to become a New Remaining party. The contract state of the original trade
is assumed to be New. However, in reality there are various contract states that are potentially
subject to novation
In this version of the document, [the selected type of novation] means either full novation or
partial novation, depending on the initial selection made by the outgoing party. Contract states
noted below are as displayed on the user interface: i.e. the original trade for the outgoing party,
the novation trade for the remaining party and incoming party.

1.3 Abbreviations
The following abbreviations are used in this document:
 OP - Outgoing Party
 RP - Remaining Party
 IP - Incoming Party

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2 Novations
2.1 Novation Main Flow
An overview of the novation main flow can be seen in the following diagram. It serves as the
basis for the full, partial or four-way novation deal.

Note: Transition conditions (“guards”) are stated for readability and should not be regarded as
complete (see the relevant sections for more information).

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Outgoing Party
Booking and contract states in ( ) are as per the current web client screen representation - at the
given stages there’s no searchable record on the system that reflects the state.

ID Conditions Permissions Booking Contract State

State
Full Partial

A1 The counter party The OP has sufficient (Released) (New) n/a

has released the deal permissions to initiate
a full novation
A2 n/a n/a (Pending) (Novated) n/a
A3 The counter party The OP has sufficient (Released) n/a (New)
has released the deal permissions to initiate
a partial novation
A4 n/a n/a (Pending) n/a (Novated
-Partial)
A5 All field validations The OP has sufficient (Pending) (Novated) (Novated
are satisfied for permissions to submit -Partial)
submitting the the selected type of
selected type of novation
novation
A6 n/a n/a Pending Novated Novated-
Partial
A7 n/a n/a Pending Novated Novated-
Partial
A8 The IP has picked up n/a Pending Novated Novated-
Chat text supplied Partial
The RP has not
rejected
The IP has not
rejected
The RP has not
withdrawn
The IP has not
withdrawn
A9 n/a n/a Pending Novated Novated-
Partial
A10 n/a n/a Pending Novated Novated-
Partial
A11 n/a n/a Pending Novated Novated-
Partial
A12 The IP has not The OP has sufficient Pending Novated Novated-
affirmed permissions to pull the Partial
No revision in selected type of
progress novation
The RP has not
rejected
The IP has not

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rejected
The RP has not
withdrawn
The IP has not
withdrawn
A13 A recipient The OP has sufficient Pending Novated Novated-
(transferee) has been permissions to transfer Partial
selected the selected type of
The RP has not novation
rejected All recipients
The IP has not (transferees) have
rejected sufficient permissions
to receive a transfer of
The RP has not the given type of trade
withdrawn
All recipients
The IP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer of
the selected type of
novation
A14 The RP has not The OP has sufficient Pending Novated Novated-
rejected permissions to Partial
The IP has not withdraw the selected
rejected type of novation
The RP has not
withdrawn
The IP has not
withdrawn
A15 n/a n/a Withdrawn Novated Novated-
Partial
A16 n/a n/a Released Novated Novated-
Partial

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Remaining Party
The contract states shown here for partial novation are in respect of the newly assigned portion
of the trade. The contract state of the remaining portion of the original trade is [Novated Partial]
across all stages.

ID Conditions Permissions Booking Contract State

State
Full Partial
B1 n/a n/a Pending New- New-
Novated Novated
B2 The RP has supplied The RP has sufficient Pending New- New-
a reject reason permissions to reject Novated Novated
the selected type of
novation
B3 n/a n/a Released n/a n/a
(Upon
RP’s
rejection
the OP TC
represents
‘Withdraw
n’ but this
version of
the record
does not
appear to
be
subsequen
tly
searchable
)
B4 The OP has not The RP has sufficient Pending New- New-
withdrawn permissions to pick up Novated Novated
The IP has not the selected type of
rejected novation
The IP has not
withdrawn
B5 n/a n/a Pending New- New-
Novated Novated
B6 The IP has not n/a Pending New- New-
affirmed Novated Novated
B7 A recipient The RP has sufficient Pending New- New-
(transferee) has been permissions to transfer Novated Novated
selected the selected type of
The OP has not novation
withdrawn All recipients
The IP has not (transferees) have
rejected sufficient permissions
to receive a transfer of
The IP has not the given type of trade
withdrawn
All recipients
(transferees) have
sufficient permissions
to receive a transfer of

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the selected type of

novation
B8 The OP has not The RP has sufficient Pending New- New-
withdrawn permissions to Novated Novated
The IP has not withdraw the selected
rejected type of novation
The IP has not
withdrawn
B9 n/a n/a Withdrawn New- New-
Novated Novated
B10 The IP has affirmed n/a Pending New- New-
Novated Novated
B11 The IP has affirmed n/a Pending New- New-
The RP has picked Novated Novated
up
B12 n/a n/a Pending New- New-
Novated Novated
B13 All field validations The RP has sufficient Pending New- New-
are satisfied for permissions to revise Novated Novated
revising (affirming) the selected type of
the selected type of novation
novation
The OP has not
withdrawn
The IP has not
withdrawn
The ‘Affirm’ action is
available
B14 All field validations The RP has sufficient Pending New- New-
are satisfied for permissions to affirm Novated Novated
affirming the selected the selected type of
type of novation novation
No revision by the IP
is in progress
The IP has not pulled
its revision
The OP has not
withdrawn
The IP has not
withdrawn
B15 n/a n/a Done New- New-
Novated Novated
B16 n/a n/a Done New- New-
Novated Novated
B17 A recipient The RP has sufficient Done New- New-
(transferee) has been permissions to transfer Novated Novated
selected the selected type of
The OP has not novation
withdrawn All recipients

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The IP has not (transferees) have

withdrawn sufficient permissions
to receive a transfer of
the given type of trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer of
the selected type of
novation
B18 n/a The RP has sufficient Done New- New-
permissions to release Novated Novated
the selected type of
novation
B19 n/a n/a Released New- New-
Novated Novated

Incoming Party
ID Conditions Permissions Booking Contract State
State
Full Partial

C1 n/a n/a Pending New- New-

Novated Novated
C2 The IP has supplied a The IP has sufficient Pending New- New-
reject reason permissions to reject Novated Novated
the selected type of
novation
C3 n/a n/a n/a n/a n/a
C4 The OP has not The IP has sufficient Pending New- New-
withdrawn permissions to pick up Novated Novated
The RP has not the selected type of
rejected novation
The RP has not
withdrawn
C5 n/a n/a Pending New- New-
Novated Novated
C6 All field validations The IP has sufficient Pending New- New-
are satisfied for permissions to revise Novated Novated
revising (affirming) the selected type of
the selected type of novation
novation
The OP has not
withdrawn
The RP has not
rejected
The RP has not
withdrawn
The ‘Affirm’ action is
available

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C7 All field validations The IP has sufficient Pending New- New-

are satisfied for permissions to affirm Novated Novated
affirming the selected the selected type of
type of novation novation
No revision by the
OP is in progress
The OP has not
pulled its revision
The OP has not
withdrawn
The RP has not
rejected
The RP has not
withdrawn
C8 n/a n/a Pending New- New-
Novated Novated
C9 n/a n/a Pending New- New-
Novated Novated
C10 A recipient The IP has sufficient Pending New- New-
(transferee) has been permissions to transfer Novated Novated
selected the selected type of
The OP has not novation
withdrawn All recipients
The RP has not (transferees) have
rejected sufficient permissions
to receive a transfer of
The RP has not the given type of trade
withdrawn
All recipients
(transferees) have
sufficient permissions
to receive a transfer of
the selected type of
novation
C11 The OP has not The IP has sufficient Pending New- New-
withdrawn permissions to Novated Novated
The RP has not withdraw the selected
rejected type of novation
The RP has not
withdrawn
C12 n/a n/a Withdrawn New- New-
Novated Novated
C13 n/a n/a Done New- New-
Novated Novated
C14 A recipient The IP has sufficient Done New- New-
(transferee) has been permissions to transfer Novated Novated
selected the selected type of
The OP has not novation
withdrawn All recipients
The RP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer of

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the given type of trade

All recipients
(transferees) have
sufficient permissions
to receive a transfer of
the selected type of
novation
C15 n/a The IP has sufficient Done New- New-
permissions to release Novated Novated
the selected type of
novation
C16 n/a n/a Released New- New-
Novated Novated

2.2 Novation Sub-Flows

Besides the novations main flow, there are also a number of sub-flows (see the following
sections for more information).

2.2.1 Pull Deal (Outgoing Party)

An overview of the pull deal (for the outgoing party) flow can be seen in the following diagram.

Note: Transition conditions (“guards”) are stated for readability and should not be regarded as
complete (see the relevant sections for more information).

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Outgoing Party
ID Conditions Permissions Booking Contract State
State
Full Partial
AJ1 The IP has not The OP has sufficient Pending Novated Novated-
affirmed permissions to pull the Partial
No revision in selected type of
progress novation
The RP has not
rejected
The IP has not
rejected
The RP has not
withdrawn
The IP has not
withdrawn
AJ2 n/a n/a Pending Novated Novated-
Partial
AJ3 n/a n/a Pending Novated Novated-
Partial
AJ4 All field validations The OP has sufficient Pending Novated Novated-
are satisfied for permissions to affirm a Partial
affirming the selected the selected type of
type of novation novation
The OP has not
withdrawn
The IP has not
withdrawn
AJ5 n/a n/a Pending Novated Novated-
Partial
AJ6 A recipient The OP has sufficient Pending Novated Novated-
(transferee) has been permissions to transfer Partial
selected the selected type of
The RP has not novation
withdrawn All recipients
The IP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer of
the given type of trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer of
the selected type of
novation
AJ7 The RP has not The OP has sufficient Pending Novated Novated-
withdrawn permissions to Partial
The IP has not withdraw the selected
withdrawn type of novation

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AJ8 n/a n/a Withdrawn Novated Novated-

Partial

Remaining Party
The contract states shown here for partial novation are in respect of the newly assigned portion
of the trade. The contract state of the remaining portion of the original trade is [Novated Partial]
across all stages.

ID Conditions Permissions Booking Contract State

State
Full Partial
AK1 n/a n/a Pending Novated Novated-
Partial
AK2 A recipient The RP has sufficient Pending Novated Novated-
(transferee) has been permissions to transfer Partial
selected the selected type of
The OP has not novation
withdrawn All recipients
The IP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer of
the given type of trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer of
the selected type of
novation
AK3 The OP has not The RP has sufficient Pending Novated Novated-
withdrawn permissions to Partial
The IP has not withdraw the selected
withdrawn type of novation

AK4 n/a n/a Withdrawn Novated Novated-

Partial

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Incoming Party
ID Conditions Permissions Booking Contract State
State
Full Partial
AL1 n/a n/a Pending Novated Novated-
Partial
AL2 A recipient The IP has sufficient Pending Novated Novated-
(transferee) has permissions to transfer Partial
been selected the selected type of
The OP has not novation
withdrawn All recipients
The RP has not (transferees) have
withdrawn sufficient permissions to
receive a transfer of the
given type of trade
All recipients
(transferees) have
sufficient permissions to
receive a transfer of the
selected type of
novation
AL3 The RP has not The IP has sufficient Pending Novated Novated-
withdrawn permissions to withdraw Partial
The OP has not the selected type of
withdrawn novation

AL4 n/a n/a Withdrawn Novated Novated-

Partial

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2.2.2 Revision (Incoming Party)

An overview of the revision (for the incoming party) flow can be seen in the following diagram.

Note: Transition conditions (“guards”) are stated for readability and should not be regarded as
complete (see the relevant sections for more information).

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Outgoing Party
ID Conditions Permissions Booking Contract State
State
Full Partial
AM1 n/a n/a Pending Novated Novated-
Partial
AM2 The RP has not The OP has sufficient Pending Novated Novated-
withdrawn permissions to Partial
The IP has not withdraw the selected
withdrawn type of novation
The RP and IP have
not reached a
releasable stage
AM3 n/a n/a Withdrawn Novated Novated-
Partial
AM4 A recipient The OP has sufficient Pending Novated Novated-
(transferee) has permissions to Partial
been selected transfer the selected
The RP has not type of novation
withdrawn All recipients
The IP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer
The RP and IP have of the given type of
not reached a trade
releasable stage
All recipients
(transferees) have
sufficient permissions
to receive a transfer
of the selected type
of novation
AM5 n/a n/a Pending Novated Novated-
Partial
AM6 All field validations The OP has sufficient Pending Novated Novated-
are satisfied for permissions to revise Partial
revising (affirming) the selected type of
the selected type of novation
novation
The OP has not
affirmed (applicable
where a revision is
sent within a
revision)
The IP has not pulled
The IP has not
withdrawn
The RP has not
withdrawn
The RP and IP have
not reached a
releasable stage

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AM7 All field validations The OP has sufficient Pending Novated Novated-
are satisfied for permissions to affirm Partial
affirming the the selected type of
selected type of novation
novation
The OP has not
affirmed (applicable
where a revision is
sent within a
revision)
The IP has not pulled
The IP has not
withdrawn
The RP has not
withdrawn
The RP and IP have
not reached a
releasable stage
AM8 n/a n/a Pending Novated Novated-
Partial
AM9 n/a n/a Pending Novated Novated-
Partial
AM10 The RP and IP have n/a Released Novated Novated-
reached a releasable Partial
stage
AM11 The RP and IP have n/a Pending Novated Novated-
not reached a Partial
releasable stage
AM12 A recipient The OP has sufficient Pending Novated Novated-
(transferee) has permissions to Partial
been selected transfer the selected
The RP has not type of novation
withdrawn All recipients
The IP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer
The RP and IP have of the given type of
not reached a trade
releasable stage
All recipients
(transferees) have
sufficient permissions
to receive a transfer
of the selected type
of novation
AM13 The RP has not The OP has sufficient Pending Novated Novated-
withdrawn permissions to Partial
The IP has not withdraw the selected
withdrawn type of novation
The RP and IP have
not reached a
releasable stage

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Remaining Party
The contract states shown here for partial novation are in respect of the newly assigned portion
of the trade. The contract state of the remaining portion of the original trade is [Novated Partial]
across all stages.

ID Conditions Permissions Booking Contract State

State
Full Partial
AN1 n/a n/a Pending New- New-
Novated Novated
AN2 n/a n/a Pending New- New-
Novated Novated
AN3 The OP has not The RP has sufficient Pending New- New-
withdrawn permissions to Novated Novated
The IP has not withdraw the selected
withdrawn type of novation

AN4 n/a n/a Withdrawn New- New-

Novated Novated
AN5 A recipient The RP has sufficient Pending New- New-
(transferee) has permissions to transfer Novated Novated
been selected the selected type of
The OP has not novation
withdrawn All recipients
The IP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer of
the given type of trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer of
the selected type of
novation
AN6 n/a n/a Pending New- New-
Novated Novated
AN7 n/a n/a Pending New- New-
Novated Novated
AN8 The OP has not The RP has sufficient Pending New- New-
withdrawn permissions to Novated Novated
The IP has not withdraw the selected
withdrawn type of novation

AN9 A recipient The RP has sufficient Pending New- New-

(transferee) has permissions to transfer Novated Novated
been selected the selected type of
The OP has not novation
withdrawn All recipients
The IP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer of
the given type of trade
All recipients

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(transferees) have
sufficient permissions
to receive a transfer of
the selected type of
novation
AN10 All field validations The RP has sufficient Pending New- New-
are satisfied for permissions to revise Novated Novated
revising (affirming) the selected type of
the selected type of novation
novation
The OP has not
withdrawn
The IP has not
withdrawn
The ‘Affirm’ action is
available
AN11 All field validations The RP has sufficient Pending New- New-
are satisfied for permissions to affirm Novated Novated
affirming the the selected type of
selected type of novation
novation
The OP has not
withdrawn
The IP has not
withdrawn
AN12 n/a n/a Pending New- New-
Novated Novated
AN13 All field validations The RP has sufficient Pending New- New-
are satisfied for permissions to revise Novated Novated
revising (affirming) the selected type of
the selected type of novation
novation
The OP has
affirmed (applicable
where a revision is
sent within a
revision)
The OP has not
withdrawn
The IP has not
withdrawn
The ‘Affirm’ action is
available
AN14 All field validations The RP has sufficient Pending New- New-
are satisfied for permissions to affirm Novated Novated
affirming the the selected type of
selected type of novation
novation
The OP has
affirmed (applicable
where a revision is
sent within a
revision)

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The OP has not

withdrawn
The IP has not
withdrawn
AN15 n/a n/a Done New- New-
Novated Novated
AN16 n/a n/a Done New- New-
Novated Novated
AN17 A recipient The RP has sufficient Done New- New-
(transferee) has permissions to transfer Novated Novated
been selected the selected type of
The OP has not novation
withdrawn All recipients
The IP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer of
the given type of trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer of
the selected type of
novation
AN18 n/a The RP has sufficient Done New- New-
permissions to release Novated Novated
the selected type of
novation
AN19 n/a n/a Released New- New-
Novated Novated
AN20 n/a n/a Released New- New-
Novated Novated

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Incoming Party
ID Conditions Permissions Booking Contract State
State
Full Partial
AO1 All field validations The IP has sufficient Pending New- New-
are satisfied for permissions to revise Novated Novated
revising (affirming) the selected type of
the selected type of novation
novation
The OP has not
withdrawn
The RP has not
rejected
The RP has not
withdrawn
The ‘Affirm’ action is
available
AO2 n/a n/a Pending New- New-
Novated Novated
AO3 The RP has not The IP has sufficient Pending New- New-
affirmed permissions to Novated Novated
The RP has not withdraw the selected
withdrawn type of novation
The OP has not
withdrawn
AO4 n/a n/a Withdrawn New- New-
Novated Novated
AO5 A recipient The IP has sufficient Pending New- New-
(transferee) has permissions to Novated Novated
been selected transfer the selected
The OP has not type of novation
withdrawn All recipients
The RP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer
of the given type of
trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer
of the selected type
of novation
AO6 The OP has not The IP has sufficient Pending New- New-
affirmed permissions to pull a Novated Novated
The OP has not revision for a
revised novation
The OP has not
withdrawn
The RP has not

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rejected
The RP has not
withdrawn
AO7 n/a n/a Pending New- New-
Novated Novated
AO8 All field validations The IP has sufficient Pending New- New-
are satisfied for permissions to revise Novated Novated
affirming the the selected type of
selected type of novation
novation
The OP has not
withdrawn
The RP has not
rejected
The RP has not
withdrawn
The ‘Affirm’ action is
available
AO9 n/a n/a Pending New- New-
Novated Novated
AO10 The RP has not The IP has sufficient Pending New- New-
affirmed permissions to Novated Novated
The RP has not withdraw the selected
withdrawn type of novation
The OP has not
withdrawn
AO11 A recipient The IP has sufficient Pending New- New-
(transferee) has permissions to Novated Novated
been selected transfer the selected
The OP has not type of novation
withdrawn All recipients
The RP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer
of the given type of
trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer
of the selected type
of novation
AO12 n/a n/a Pending New- New-
Novated Novated
AO13 n/a n/a Done New- New-
Novated Novated
AO14 A recipient The IP has sufficient Done New- New-
(transferee) has permissions to Novated Novated
been selected transfer the selected
The OP has not type of novation
All recipients

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withdrawn (transferees) have

The RP has not sufficient permissions
withdrawn to receive a transfer
of the given type of
trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer
of the selected type
of novation
AO15 n/a The IP has sufficient Done New- New-
permissions to Novated Novated
release the selected
type of novation
AO16 n/a n/a Released New- New-
Novated Novated
AO17 n/a n/a Released New- New-
Novated Novated

2.2.3 Revision (Remaining Party)

An overview of the revision (for the remaining party) flow can be seen in the following diagram.

Note: Transition conditions (“guards”) are stated for readability and should not be regarded as
complete (see the relevant sections for more information).

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Outgoing Party
ID Conditions Permissions Booking Contract State
State
Full Partial
AP1 n/a n/a Pending Novated Novated-
Partial
AP2 The IP has not The OP has sufficient Pending Novated Novated-
withdrawn permissions to withdraw Partial
The RP has not the selected type of
withdrawn novation
The RP and IP have
not reached a
releasable stage
AP3 n/a n/a Withdrawn Novated Novated-
Partial
AP4 A recipient The OP has sufficient Pending Novated Novated-
(transferee) has permissions to transfer Partial
been selected the selected type of
The IP has not novation
withdrawn All recipients
The RP has not (transferees) have
withdrawn sufficient permissions to
receive a transfer of the
The RP and IP have given type of trade
not reached a
releasable stage All recipients
(transferees) have
sufficient permissions to
receive a transfer of the
selected type of
novation
AP5 The RP and IP have n/a Pending Novated Novated-
reached a Partial
releasable stage

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Remaining Party
The contract states shown here for partial novation are in respect of the newly assigned portion
of the trade. The contract state of the remaining portion of the original trade is [Novated Partial]
across all stages.

ID Conditions Permissions Booking Contract State

State
Full Partial
AQ1 All field validations The RP has sufficient Pending New- New-
are satisfied for permissions to revise Novated Novated
revising (affirming) the selected type of
the selected type novation
of novation
The OP has not
withdrawn
The IP has not
withdrawn
AQ2 n/a n/a Pending New- New-
Novated Novated
AQ3 n/a n/a Pending New- New-
Novated Novated
AQ4 The OP has not The RP has sufficient Pending New- New-
withdrawn permissions to Novated Novated
The IP has not withdraw the selected
withdrawn type of novation
The IP has not
affirmed
AQ5 n/a n/a Withdrawn New- New-
Novated Novated
AQ6 A recipient The RP has sufficient Pending New- New-
(transferee) has permissions to transfer Novated Novated
been selected the selected type of
The OP has not novation
withdrawn All recipients
The IP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer of
the given type of trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer of
the selected type of
novation
AQ7 The OP has not The RP has sufficient Pending New- New-
withdrawn permissions to pull a Novated Novated
The IP has not revision for the
withdrawn selected type of
novation
The IP has not
affirmed
AQ8 n/a n/a Pending New- New-

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Novated Novated
AQ9 A recipient The RP has sufficient Pending New- New-
(transferee) has permissions to transfer Novated Novated
been selected the selected type of
The OP has not novation
withdrawn All recipients
The IP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer of
the given type of trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer of
the selected type of
novation
AQ10 The OP has not The RP has sufficient Pending New- New-
withdrawn permissions to Novated Novated
The IP has not withdraw the selected
withdrawn type of novation
The IP has not
affirmed
AQ11 All field validations The RP has sufficient Pending New- New-
are satisfied for permissions to revise Novated Novated
revising (affirming) the selected type of
the selected type novation
of novation
The OP has not
withdrawn
The IP has not
withdrawn
AQ12 n/a n/a Done New- New-
Novated Novated
AQ13 A recipient The RP has sufficient Done New- New-
(transferee) has permissions to transfer Novated Novated
been selected the selected type of
The OP has not novation
withdrawn All recipients
The IP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer of
the given type of trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer of
the selected type of
novation
AQ14 n/a The RP has sufficient Done New- New-
permissions to release Novated Novated
the selected type of
novation

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MarkitWire Process Flows: Novations

AQ15 n/a n/a Released New- New-

Novated Novated
AQ16 n/a n/a Releasedn New- New-
/a Novated Novated

Incoming Party
ID Conditions Permissions Booking Contract State
State
Full Partial
AR1 n/a n/a Pending New- New-
Novated Novated
AR2 The RP has not The IP has sufficient Pending New- New-
withdrawn permissions to Novated Novated
The OP has not withdraw the selected
withdrawn type of novation

AR3 n/a n/a Withdrawn New- New-

Novated Novated
AR4 A recipient The IP has sufficient Pending New- New-
(transferee) has permissions to Novated Novated
been selected transfer the selected
The OP has not type of novation
withdrawn All recipients
The RP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer
of the given type of
trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer
of the selected type
of novation
AR5 n/a n/a Pending New- New-
Novated Novated
AR6 All field validations The IP has sufficient Pending New- New-
are satisfied for permissions to revise Novated Novated
revising (affirming) the selected type of
the selected type of novation
novation
The OP has not
withdrawn
The RP has not
pulled
The RP has not
withdrawn
AR7 All field validations The IP has sufficient Pending New- New-
are satisfied for permissions to affirm Novated Novated
affirming the the selected type of
selected type of

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novation novation
The OP has not
withdrawn
The RP has not
pulled
The RP has not
withdrawn
AR8 n/a n/a Done New- New-
Novated Novated
AR9 n/a n/a Done New- New-
Novated Novated
AR10 A recipient The IP has sufficient Done New- New-
(transferee) has permissions to Novated Novated
been selected transfer the selected
The OP has not type of novation
withdrawn All recipients
The RP has not (transferees) have
withdrawn sufficient permissions
to receive a transfer
of the given type of
trade
All recipients
(transferees) have
sufficient permissions
to receive a transfer
of the selected type
of novation
AR11 n/a The RP has sufficient Done New- New-
permissions to Novated Novated
release the selected
type of novation
AR12 n/a n/a Released New- New-
Novated Novated
AR13 n/a n/a Released New- New-
Novated Novated

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2.2.4 Revision (Outgoing Party)

An overview of the revision (for the outgoing party) flow can be seen in the following diagram.

Note: Transition conditions (“guards”) are stated for readability and should not be regarded as
complete (see the relevant sections for more information).

Outgoing Party
Booking and contract states in ( ) are as per the current web client screen representation - at the
given stages there’s no persisting record on the system that reflects the state.

ID Conditions Permissions Booking Contract State

State
Full Partial

AS1 All field validations The OP has Pending Novated Novated-

are satisfied for sufficient Partial
revising (affirming) permissions to
the selected type of revise the selected
novation type of novation
The OP has not
affirmed (applicable
where a revision is
sent within a
revision)
The IP has not
pulled
The IP has not
withdrawn
The RP has not
withdrawn
The RP and IP have
not reached a
releasable stage
AS2 n/a n/a Pending Novated Novated-
Partial

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MarkitWire Process Flows: Novations

AS3 n/a n/a Pending Novated Novated-

Partial
AS4 The IP has not The OP has Pending Novated Novated-
withdrawn sufficient Partial
The RP has not permissions to
withdrawn withdraw the
selected type of
novation
AS5 n/a n/a Withdrawn Novated Novated-
Partial
AS6 A recipient The OP has Pending Novated Novated-
(transferee) has sufficient Partial
been selected permissions to
The IP has not transfer the selected
withdrawn type of novation
The RP has not All recipients
withdrawn (transferees) have
sufficient
permissions to
receive a transfer of
the given type of
trade
All recipients
(transferees) have
sufficient
permissions to
receive a transfer of
the selected type of
novation
AS7 The IP has not The OP has Pending Novated Novated-
withdrawn sufficient Partial
The RP has not permissions to pull a
withdrawn revision for the
selected type of
novation
AS8 n/a n/a Pending Novated Novated-
Partial
AS9 A recipient The OP has Pending Novated Novated-
(transferee) has sufficient Partial
been selected permissions to
The IP has not transfer the selected
withdrawn type of novation
The RP has not All recipients
withdrawn (transferees) have
sufficient
permissions to
receive a transfer of
the given type of
trade
All recipients
(transferees) have
sufficient
permissions to
receive a transfer of

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MarkitWire Process Flows: Novations

the selected type of

novation
AS10 The IP has not The OP has Pending Novated Novated-
withdrawn sufficient Partial
The RP has not permissions to
withdrawn withdraw the
selected type of
novation
AS11 All field validations The OP has Pending Novated Novated-
are satisfied for sufficient Partial
revising (affirming) permissions to
the selected type of revise the selected
novation type of novation
The OP has not
affirmed (applicable
where a revision is
sent within a
revision)
The IP has not
pulled
The IP has not
withdrawn
The RP has not
withdrawn
The RP and IP have
not reached a
releasable stage

Remaining Party
The contract states shown here for partial novation are in respect of the newly assigned portion
of the trade. The contract state of the remaining portion of the original trade is [Novated Partial]
across all stages.

ID Conditions Permissions Booking Contract State

State
Full Partial
AT1 n/a n/a Pending New- New-
Novated Novated
AT2 The OP has not The RP has sufficient Pending New- New-
withdrawn permissions to withdraw Novated Novated
The IP has not the selected type of
withdrawn novation

AT3 n/a n/a Withdrawn New- New-

Novated Novated
AT4 A recipient The RP has sufficient Pending New- New-
(transferee) has permissions to transfer the Novated Novated
been selected selected type of novation
The OP has not All recipients (transferees)
withdrawn have sufficient permissions
The IP has not to receive a transfer of the
withdrawn given type of trade

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MarkitWire Process Flows: Novations

All recipients (transferees)

have sufficient permissions
to receive a transfer of the
selected type of novation

Incoming Party
ID Conditions Permissions Booking Contract State
State
Full Partial

AU n/a n/a Pending New- New-

1 Novated Novated

2.2.5 Transfer (All Users)

An overview of the transfer flow can be seen in the following diagram.

Note: Transition conditions (“guards”) are stated for readability and should not be regarded as
complete (see the relevant sections for more information).

Transferring Party
ID Conditions Permissions Booking Contract State
State
Full Partial
AV1 (Where it is The transferring party has Pending / OP: OP:
required per sufficient permissions to Done Novated Novated-
permissions) transfer the selected type Partial
The transferee of novation RP/IP:
is logged on New- RP/IP:
All recipients (transferees)
have sufficient permissions Novated New-
to receive a transfer of the Novated /
given type of trade
All recipients (transferees)
have sufficient permissions
to receive a transfer of the
selected type of novation

Note: This section and the corresponding diagram describe a generic flow – see the relevant
parent diagram for the transition conditions specific to the stage.

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Transferee
ID Conditions Permissions Booking Contract
State State
M1 n/a The transferee has sufficient n/a New
permissions to receive a pre-
send transfer
M2 n/a n/a n/a New
M3 The user confirms the The transferee has sufficient n/a New
intention to delete the draft permissions to delete a pre-
send transfer
M4 n/a n/a n/a New
M5 n/a n/a n/a New

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Appendix A: Permissions
The following MarkitWire permissions are used.

Executing Broker Prime Broker End User

Trade.Novate Trade.Novate Trade.Novate
Trade.PartialNovate Trade.PartialNovate Trade.PartialNovate
AddressBook.ExternallyVisibl AddressBook.ExternallyVisibl AddressBook.ExternallyVisibl
e e e
Clear Clear
DealSink.UpdateDeal DealSink.UpdateDeal
Index.NoMatch
Matching.Functions
Matching.View
PreSendTransfer PreSendTransfer
PreSendTransfer.Affirm PreSendTransfer.Affirm
ReceiveAllocation ReceiveAllocation ReceiveAllocation
Report.ActiveTradesByUser
ReceivePrimeBrokered ReceivePrimeBrokered ReceivePrimeBrokered
SingleSidedDeal.Trade SingleSidedDeal.Trade
Trade.Allocate Trade.Allocate Trade.Allocate
Trade.ZeroCouponIRS
Trades.AmendBilateralData Trades.AmendBilateralData Trades.AmendBilateralData
Trades.AmendUnilateralData Trades.AmendUnilateralData Trades.AmendUnilateralData
Trades.Cancel Trades.Cancel
Trades.Initiate
Trade.PrimeBroker Trade.PrimeBroker Trade.PrimeBroker
Trades.ReleaseOthers Trades.ReleaseOthers Trades.ReleaseOwn
Trades.ReleaseOwn Trades.ReleaseOwn
UseDealerAPI UseDealerAPI
ViewAllocation ViewAllocation ViewAllocation
ViewNonPickedUpTrades ViewNonPickedUpTrades
ViewPrimeBrokered ViewPrimeBrokered ViewPrimeBrokered
TraderBaseSysRole TraderBaseSysRole EUTraderBaseSysRole
Index.AgreeMismatch Index.AgreeMismatch
Index.AgreePrimaryMismatc Index.AgreePrimaryMismatc

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MarkitWire Process Flows: Novations

h h
NonStandardDefaults NonStandardDefaults NonStandardDefaults
RERO.AgreeMismatch RERO.AgreeMismatch
RERO.AgreePrimaryMismatc RERO.AgreePrimaryMismatc
h h
RERO.NoMatch
TrackerViewer.Use TrackerViewer.Use
Trade Trade Trade
Trade.Exercise Trade.Exercise
TraderAccess TraderAccess TraderAccess
Trades.Initiate Trades.Initiate
Trades.RequestRevision
Trades.Withdraw Trades.Withdraw Trades.Withdraw
Transfer Transfer Transfer
Transfer.Receive Transfer.Receive Transfer.Receive
UseDealsinkAPI UseDealsinkAPI
ViewTrades ViewTrades
Trade.Novate Trade.Novate Trade.Novate
Trade.PartialNovate Trade.PartialNovate Trade.PartialNovate

AddressBook.ExternallyVisibl AddressBook.ExternallyVisibl AddressBook.ExternallyVisibl

e e e
Clear Clear
DealSink.UpdateDeal DealSink.UpdateDeal

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Appendix C: Additional Documentation

A number of other MarkitWire documents are available for download from the Markit
Documentation Portal. The following documents provide additional information relevant for
MarkitWire Trader users.

MarkitWire Provisions and Annexes

The “MarkitWire Provisions” explains the relevant terms and definitions that apply to transactions
entered into MarkitWire. It also references other industry standard definitions which govern the
treatment of transactions entered into between dealers and end users.
Each financial product supported by MarkitWire has an annex which supplements and forms a
part of the “MarkitWire Provisions”. Each Annex contains information and rules that relate to
various types of products and transactions including individual screen terms and field
options/selections and covers the treatment of deals for the master agreements supported by
MarkitWire.

MarkitWire Business Processes and Flows

For additional diagrams and in depth descriptions of the process flows used in this document,
see the following documents:
 MarkitWire Business Processes & Trade Life-Cycle
This document describes MarkitWire operations and deal concepts, along with the generic
processes for direct deals, brokered deals, novations, prime brokerage, allocations,
amendments, cancellations and physical swaption exercises in MarkitWire.
 Business Process Flows: Direct & Brokered Deals
This document describes the different activity process flows for direct deals (dealer to dealer
and dealer to end user) and brokered deals (broker to two dealers/interest groups, or broker
to dealer and end user) in MarkitWire.
 Business Process Flows: Prime Brokerage
This document describes the different activity process flows for prime brokered deals in
MarkitWire.
 Business Process Flows: Amendments & Cancellations
This document describes the different activity process flows for bilateral and unilateral
amendments and cancellations in MarkitWire.
 Business Process Flows: Exercising Swaptions
This document describes the different activity process flows for one and two step physical
swaption exercises in MarkitWire.

MarkitWire Regulatory Reporting Documentation

Regulatory reporting documentation consisting of trade messaging documents, functional
specifications and cross-asset spreadsheets are available for each regulatory reporting regime
(CFTC, ESMA, JFSA, HKMA, ASIC and MAS).

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MarkitWire Process Flows: Novations

MarkitWire User Guides and Cookbooks

The following MarkitWire user guides and cookbooks are also available:
 MarkitWire Trader User Guide
MarkitWire Trader allows deals to be created by dealers and legally confirmed by dealers
and/or end users as part of the deal process. This document provides a detailed guide for
using MarkitWire from the point of view of a dealer.
 MarkitWire Trader C=C User Guide
This document is designed for users of MarkitWire Trader, specifically for those transacting
credit novations for consent = confirmation (C=C). It provides an overview of what the process
is and why it was required as well details on how transferees (EE) and remaining parties (RP)
are able to use the MarkitWire platform to process novations initiated by a transferor (OR)
using Markit Novation Consent Module (NCM).
 MarkitWire Tracker User Guide
MarkitWire Tracker is a monitoring tool that enables middle and back office personnel to view
and track deals within the MarkitWire system. This document provides a detailed guide for
using MarkitWire Tracker.
 MarkitWire API: Dealer Cookbook
The MarkitWire API for dealers allows deals to be created and legally confirmed as part of the
deal process in the same way as with MarkitWire Trader. This document provides a detailed
guide for implementing the MarkitWire API for a dealer.
 MarkitWire Backloading Cookbook
The MarkitWire Backloader allows batches of deals to be backloaded into MarkitWire as part
of the deal process. This document provides a detailed guide for implementing the MarkitWire
API for backloading.

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Appendix D: Contacting Markit Support

The following has been provided in case additional information is required.

Markit Client Services

Markit Client Services can be contacted at the following regional phone numbers:
UK/Europe: +44 (0)84 4994 7378
USA/Canada: +1 877 765 8737
Singapore: +65 6922 4302
Alternatively you can email Markit Client Services at the following address:
[email protected]

5 November 2015 37 of 37 © Markit 2015