DELIVERY VERSUS PAYMENT IN SECURITIES SETTLEMENT …

BANK FOR INTERNATIONAL SETTLEMENTSDELIVERY VERSUS PAYMENTINSECURITIES SETTLEMENT SYSTEMSR eport prepared by the Committee on PAYMENT and SETTLEMENT Systemsof the central banks of the Group of Ten countriesBasleSeptember 1992 Bank for International Settlements 1992. All rights reserved. Brief excerptsmay be reproduced or translated provided the source is 92-9131-114-6 Published also in French, German and of the DELIVERY VERSUS PAYMENT study and summary ..1 Introduction ..1 Summary ..2 Additional issues relating to cross-border SECURITIES transactions .. framework: Credit and liquidity risks in SECURITIES clearance and SETTLEMENT ..10 Key steps in clearance and SETTLEMENT ..10 Types and sources of risk ..12 The DELIVERY VERSUS PAYMENT principle .. structural approaches to DELIVERY VERSUS PAYMENT ..16 Identification of alternative models.

1 1. INTRODUCTION AND SUMMARY Introduction 1.1 At a meeting in December 1990, the Committee on Payment and Settlement Systems (CPSS) reviewed clearance and settlement arrangements in securities markets in the Group of Ten countries.

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  Payments, Versus, Securities, Settlement, Versus payment in securities settlement

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