Novation in Futures Exchange Means

Novation in futures exchange means:

A) a place in which buyers and sellers can exchange futures contracts.the exchange keeps the books for buyers and sellers when contracts are initiated or liquidated.
B) the process of setting up a contract with a new party,such as occurs when clearinghouses insert themselves between the buyer and seller of a futures contract.
C) a requirement that gains or losses on futures positions be taken into account in determining the value of all contracts each day.
D) the back office that records,clears and settles contracts and acts as counterparty in futures trading.