Editing Delivery versus payment (section)

==History==
The [[Black Monday (1987)|market crash of October 1987]] drew global attention to potential weaknesses in the standards applied for clearance and settlement. Numerous studies resulted, among which was one from the [[Group of Thirty]] which pioneered standards for providers of securities settlement services. The report included nine recommendations, one of which was that "Delivery versus payment (DvP) should be the method for settling all securities transactions with systems in place by 1992."

In December 1990, the [[Committee on Payment and Settlement Systems]] (CPSS), consisting of representatives from the major central banks, initiated further study of DVP. Its report in September 1992  found three ways of achieving DvP:
# Transfer of securities and funds done on a trade-by-trade basis, with final transfer of securities occurring at the same time as the final transfer of funds;
# Transfer of securities on a gross basis, with final transfer of securities occurring throughout the day, but funds transfer on a net basis at the end of the day;
# Transfer of both securities and funds on a net basis, with final transfers occurring at the end of the day.<ref>{{Citation
 | first = Peter | last = Norman
 | title = Plumbers and Visionaries
 | place = Chichester
 | publisher = John Wiley & Sons
 | pages = 87–90
 | date = February 2008
 | isbn = 978-0-470-72425-5}}</ref>