DVP exemption - CASS Provision

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CASS Anatomy™

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IMPORTANT: CASS changed quite a bit after MiFID II. This resource therefore may well be out of date, even if it was accurate once, which it might not have been. This is an article about the FCA’s custody and client money rules — client assets — and is fondly known by its chapter in the FCA SourcebookTable of Contents | 1 | 1A | 3 | 5 | 6 (custody rules) | 7 (client money rules) | 7A | 8 | 9 (PBDA) | 10

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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 was tightened up by the FCA in the great CASS overhaul following its market position paper PS14/9.