DVP exemption - CASS Provision: Difference between revisions

DVP exemption - CASS Provision (view source)

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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).