QUICK DEFINITION
Delivery versus Payment — A settlement mechanism linking securities delivery to the corresponding payment so one occurs only if the other does.
WHY IT MATTERS
Why Delivery versus Payment matters in finance
It reduces principal risk in securities settlement.
FINANCIAL SYSTEM CONTEXT
← Back to the Financial Security GlossarySecurity is also a market-infrastructure question
In financial services, delivery versus payment should be understood in relation to operational continuity, data integrity, payments, market infrastructure and interconnected dependencies. A control can be technically effective while still leaving material resilience risk if critical services cannot continue or recover during disruption.