Notice of Physical Settlement (NOPS) - Meaning
An irrevocable Confirmation that the Buyer of Protection will physically settle a credit default swap contract. An NOPS must be delivered within 30 calendar days of the Event Determination Date (EDD) and must contain a detailed description of the intended Deliverable Obligation. The Buyer may change the intended Deliverable Obligation, up to and including the Physical Settlement Date by the issuance of another NOPS. However, the settlement period is calculated from the day on which the first NOPS was delivered.