纯券过户(free of payment)

本文深入解析了纯券过户(FOP)与货银对付(DVP)两种债券结算方式,前者强调债券交割不依赖资金支付,后者确保交易双方在交收时同步完成资金与资产交换。两者在不同市场环境下应用,各有优势与风险。

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http://baike.baidu.com/view/4039265.htm

定义

  纯券过户简称FOP(Free of Payment),是指债券交割不以资金支付为条件的结算方式,

  即结算双方只要求中央结算公司办理债券交割,款项支付自行办理。

  这是一种交易双方建立在互相了解和信任基础上的一种结算方式,也是国外发达市场常用的一种结算方式。

概述

  国际证券业称这种方式为FOP(free of payment),即不以资金结算为条件的债券过户。在结算成员双方信誉比较好又彼此了解的情况下可以选用此方式。选择此结算方式,每一方都不应以未收到对方的券或款为由不如期履行交付义务[1]

特点

  纯券过户的特点是快捷、简便,其本质是资金清算风险由交易双方承担。

  纯券过户的结算方式对结算双方都存在风险,即对手方可能不如期交券或付款的风险,

  因此采用此种结算方式应谨慎选择对手方。

 

 

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http://www.baike.com/wiki/%E8%B4%A7%E9%93%B6%E5%AF%B9%E4%BB%98

delivery versus payment (DVP)

付款交货

货银对付(Delivery versus Payment, DVP)俗称"一手交钱,一手交货",指进行证券交易的结算时证券交收和资金交收同时完成,且不可撤销。

在多边净额结算制度下,结算机构承担共同对手方担保交收的责任,必须按照"货银对付"的原则组织结算活动。这是维护结算系统安全、保证市场正常运行的客观要求。

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