The differences between DVP settlement for NETDs and exchange trade deliveries

The following table shows the primary differences between DVP settlement for NETDs and exchange trade deliveries.

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DVP settlement for NETDs DVP settlement for exchange trades deliveries
CCP JASDEC DVP Clearing Corporation (JDCC) Japan Securities Clearing Corporation (JSCC)
Transactions Subject to Clearing Non-exchange transactions designated by Participants (Customer Side) Exchange trades (Street Side)
Participant Brokers, Trust Banks, Custodian Banks Brokers
Method of Settlement (Securities-Funds) Gross-Net Net-Net
Timing of Obligation Assumption Settlement date Trade date
Guarantee of Settlement JDCC assumes obligations in relation to individual transactions only if Transfer Condition is met.
JDCC fulfills obligations for payment on behalf of a defaulting participant.
JSCC assumes obligations in relation to all trades executed at exchanges.
JSCC fulfills obligations for payment and delivering stocks on behalf of a defaulting participant.

For enquiries about the DVP settlement system for NETDs please contact:

General Enquiries about the DVP Settlement System for NETDs

+81-3-3661-0181

Outline of the DVP settlement system for NETDs

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