delivery versus payment

delivery versus payment
delivery vs. payment ( DVP)
The simultaneous exchange of securities and cash. The safest method of settling either the purchase or sale of a security. In a DVP settlement, the funds are wired from the buyer's account and the security is delivered from the seller's account in simultaneous, interdependent wires. American Banker Glossary
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A settlement procedure in which the buyer's payment for securities is due at transaction the time of delivery (usually to a bank acting as agent for the buyer) upon receipt of the securities. The payment may be made by bank wire, check, or direct credit to an account. Bloomberg Financial Dictionary
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settlement arrangements ensuring that neither the buyer nor the seller are at risk from default; i.e. not having the cash or the securities. CREST provides such a structure.
See cash against document. Dresdner Kleinwort Wasserstein financial glossary
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delivery versus payment ( DVP)
A delivery instruction where the delivery of securities and the payment of the cash consideration are linked. Exchange Handbook Glossary
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The acronym for DVP ( delivery versus payment), or transactions in which there is simultaneous transfer of cash and securities following the trade. A basic feature of automated clearing and settlement, DVP reduces risk significantly: today fewer than 0.25% of all DVP instructions presented for settlement fail, on average, and even these are automatically recycled for settlement. NYSE Euronext Glossary

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   ► See DVP.

Financial and business terms. 2012.

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