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Quantitative Finance · Glossário

O que é Central securities depository and delivery versus payment?

Também chamado de: central securities depository · delivery versus payment

Definition 5.3 Markets I: The Ecosystem and Exchange-Traded Markets · Capítulo 5 — Clearing and Settlement

A central securities depository (CSD) keeps the definitive record of who owns each security of a market and settles trades by book entry between its participants’ accounts. Delivery versus payment (DVP) is the rule that the securities leg and the cash leg of a settlement become final together or not at all, so that neither party can lose the full value of the trade.

The life of a share trade under a one-day cycle. The brace is the window the rest of the chapter is about: its length, times the volatility of what was traded, sets the collateral.
Figure 5.1. The life of a share trade under a one-day cycle. The brace is the window the rest of the chapter is about: its length, times the volatility of what was traded, sets the collateral.
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