DVP exemption - CASS Provision: Difference between revisions
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The DVP exemption allows a firm a waiver from the full rigours of the CASS safe custody and [[client money]] rules or the client money rules for money or assets delivered to the firm when settling a [[delivery versus payment]] transaction. As long as the transaction takes place through a [[commercial settlement system]], is intended to settle within one business day of the client's payment or delivery, and actually does settle within the “[[DVP window]]” (a period from the intended settlement date to the close of business on the third business day thereafter) | The DVP exemption allows a firm a waiver from the full rigours of the CASS safe custody and [[client money]] rules or the client money rules for money or assets delivered to the firm when settling a [[delivery versus payment]] transaction. As long as the transaction takes place through a [[commercial settlement system]], is intended to settle within one business day of the client's payment or delivery, and actually does settle within the “[[DVP window]]” (a period from the intended settlement date to the close of business on the third business day thereafter) | ||
{{seealso}} | |||
*{{cassprov|7.2.8A}} - the Client money DVP exemption. | |||
*{{cassprov|6.1.12}} - the custody DVP exemption. | |||
The DVP exemption was tightened up by the {{tag|FCA}} in the great CASS overhaul following its market position paper [[PS14/9]]. | The DVP exemption was tightened up by the {{tag|FCA}} in the great CASS overhaul following its market position paper [[PS14/9]]. |
Revision as of 14:18, 29 August 2018
CASS Anatomy™
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The DVP exemption allows a firm a waiver from the full rigours of the CASS safe custody and client money rules or the client money rules for money or assets delivered to the firm when settling a delivery versus payment transaction. As long as the transaction takes place through a commercial settlement system, is intended to settle within one business day of the client's payment or delivery, and actually does settle within the “DVP window” (a period from the intended settlement date to the close of business on the third business day thereafter)
See also
The DVP exemption was tightened up by the FCA in the great CASS overhaul following its market position paper PS14/9.