Delivery versus payment system

(DVP).

A mechanism in an exchange-for-value settlement system that ensures that the final transfer of one asset occurs only if the final transfer of (an)other asset(s) take(s) place.

Assets are, among others, monetary assets (this includes foreign exchange), all types of securities and other financial instruments.

Also known as Delivery against payment system.

See also

• Atomic settlement
• Risk
• Settlement