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Delivery Free of Payment


A delivery of securities which is not linked to a corresponding transfer of funds. In other words, one counterparty delivers the securities, subject matter of a transaction, to the other counterparty without any payment of funds at the time of delivery or prior thereto (free of payment, FOP).

This is opposed to delivery versus payment (DvP), or delivery versus delivery (DvD).

It is known for short as DFOP.



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This section covers a wide-ranging array of terms and concepts, among others, in the area of exchanges and financial marekts at large ...
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