03 · Settlement
Delivery versus payment, coupled.
Both legs move together, or neither does.
One step, two legs.
The securities leg and the cash leg settle in a single step. If one leg cannot settle, nothing moves.
InstructionDelivery versus payment
1,000 unitsSecurities leg · Green Bond 2031
PendingLockedSettled
1,000,000.00 EURCash leg · digital cash
PendingLockedSettled
Checks before settlement
Before anything moves, DACS checks that each side holds what it delivers, that the receiving accounts may hold it, and that the instruction has been validated.
Cash from a regulated issuer
DACS settles against cash issued by a regulated issuer, whether central bank money, commercial bank money or a regulated stablecoin.
Securities against securities
An exchange of two securities follows the same rule: both deliveries happen together, or neither does.
Talk to us.
Tell us what you run today and what you want to bring into digital form.