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(1) Notice to an option seller that an option has been exercised by the option holder. (2) Process by which exercise notices or decisions are allocated among the sellers (shorts) in a derivative contract market. (3) Transfer of rights in settlement of an obligation. (4) Transfer of a swap obligation to a replacement counterparty, usually with the consent of the opposite counterparty but occasionally as a result of legal processes. (5) Transfer of ownership in a structured product or other private placement with the consent of the issuer. A limited right of assignment is a common feature of many risk management instruments, but legal restrictions or credit issues may prevent totally free assignment. Also called Assign.
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