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{{anat|cass}} | {{anat|cass}} | ||
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]]. |