DvP

3 posts tagged “DvP”

Payment Clearing Basics2026-10-03

Bills of Exchange Are Not Just Another Bank Transfer: Understanding Acceptance, Endorsement, Discounting, and Funds Settlement

This article examines the lifecycle of commercial drafts—from issuance, acceptance, and endorsement to discounting, rediscounting, and redemption—clarifying the decoupling of rights and funds settlement, and the DvP mechanism between CPES and HVPS.

Reading Notes & Opinions2026-09-02

From Pontes to Appia: How Europe Is Rebuilding the "Cash Leg" for Tokenised Securities

An in-depth analysis of how the ECB's Pontes and Appia initiatives use interoperability architectures and dual-track cash settlement models to anchor tokenised securities settlement in central bank money and legal finality.

Clearing & Settlement2026-08-31

Securities and Money Must Move “Delivery Versus Payment”: What Risk Does DvP Actually Prevent?

Starting from a 100 million yuan bond trade, this article explains the securities leg, cash leg, principal risk, and DvP Models 1/2/3, and explores the relationship between Settlement Finality and tokenized settlement.