Meaning
Replacement of a contract with one or more new contracts, in particular in financial markets the replacement of a contract between a particular buyer and seller with contracts between the clearing house and each party.
Etymology
Origin: Latin
Borrowed from Latin novātiō (“a renewing, rennovation”), from novō, from novus (“new”). Compare novel, novelty.
NYT Puzzle Appearances
Accepted in 2 recorded puzzles: