How is Substitution in Derivatives Understood?

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I would like to inquire, in derivative securities, how is "substitution" understood? I look forward to your support.

According to Clause 20, Article 3 of Decree 158/2020/ND-CP, the provision is as follows:

Novation means replacing one party in a contract or derivative securities transaction with another party, where the replacing party inherits all rights and obligations related to the contract or derivative securities transaction of the replaced party.

Sincerely!

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