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