About Delivery versus payment:
Delivery versus payment is used to classify a business transaction. DVP trading is defined as transactions in which payment and transfer of the subject security occur simultaneously where:

1. little or no credit risk exists in the settlement process (e.g. central depository system such as DTC or Euroclear), and
2. The settlement period is the normal spot settlement period for the product and market, and
3. The transaction does not create credit risk after settlement.

*Any transaction entered into with a negotiated settlement period beyond the normal cash settlement date for the particular product and market and any transaction with a settlement date more than 45 days from trade date is not considered a DVP transaction.