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Delivery usually takes place against payment known as delivery versus paymentbut some deliveries are made without a corresponding payment sometimes referred to as a free delivery, free of payment or FOP  delivery, or in the United States, delivery versus free . Examples of a delivery without payment are the delivery of securities collateral against a loan of securities, and a delivery made pursuant to a margin call.
Traditional physical settlement[ edit ] Prior to modern financial market technologies and methods such as depositories and securities held in electronic form, securities settlement involved the physical movement of paper instruments, or certificates and transfer forms. Payment was usually made by paper cheque upon receipt by the registrar or transfer agent of properly negotiated certificates and other requisite documents.
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Physical settlement securities still exist in modern markets today mostly for private restricted or unregistered securities as opposed to those of publicly exchange traded securities; however, payment of money today is typically made via electronic funds transfer in the U.
The U. In the United Kingdomthe weakness of paper-based settlement was exposed by a programme of privatisation of nationalised industries in the s, and the Big Bang of led to an explosion in the volume of trades, and settlement delays became significant. In the market crash ofmany investors sought to limit their losses by selling their securities, but found that the failure of timely settlement left them exposed. Electronic settlement[ edit ] The electronic settlement system came about largely as a result of Clearance and Settlement Systems in the World's Securities Markets, a major report in by the Washington-based think tank, the Group of Thirty.
This report made nine recommendations with a view to achieving more efficient settlement. This was followed up in with a report, Clearing and Settlement: A Plan of Actionwith 20 recommendations. In an electronic settlement system, electronic  settlement takes place between participants.
If a non-participant wishes to settle its interests, it must do so through a participant acting as a custodian. The interests of participants are recorded by credit entries in securities accounts maintained in their names by the operator of the system. It permits both quick and efficient settlement by removing the need for paperwork, and the simultaneous delivery of securities with the payment of a corresponding cash sum called delivery versus paymentor DVP in the agreed upon currency.
Legal significance[ edit ] After the trade and before settlement, the rights of the purchaser are contractual and therefore personal. Because they are merely personal, the purchaser's rights are at risk in the event of the insolvency of the vendor.
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After settlement, the purchaser owns securities and his rights are proprietary. Settlement is the delivery of securities to complete trades. It involves upgrading personal rights into property rights and thus protects market participants from the risk of the default of their counterparties.
Immobilisation and dematerialisation[ edit ] Immobilisation and dematerialisation are the two broad goals of electronic settlement.
Opțiuni de expediere, costuri și timpi de livrare
Both were opțiune de livrare și decontare by the influential report by the Group of Thirty in Opțiune de livrare și decontare edit ] "Economic immobilisation" redirects here. For the concept in macroeconomics, see Economic immobility. Securities either constituted by paper instruments or represented by paper certificates are immobilised in the sense that they are held by the depository at all times. In the historic transition from paper-based to electronic practice, immoblisation often serves as a transitional phase prior to dematerialisation.
Euroclear and Clearstream BankingLuxembourg are two important examples of international immobilisation systems. Both originally settled eurobondsbut now a wide range of international securities are settled through them including many types of sovereign debt and equity securities.
Main article: Dematerialization securities Dematerialisation involves dispensing with paper instruments and certificates altogether. Dematerialised securities exist only in the form of electronic records.
The legal impact of dematerialisation differs in relation to bearer and registered securities respectively. Direct and indirect holding systems[ edit ] In a direct holding systemparticipants hold the underlying securities directly.
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The settlement system does not stand in the chain of ownership, but merely serves as a conduit for communications of participants to issuers.