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Delivery Instructions For Securities Transactions

Municipal/Corporate Bonds, Unit Trusts, Equities, Mutual Funds, Options

  • arrow4 DTC Eligible square_img Participant #443
  • arrow4 NSCC FundServ square_img Participant #443/PROE
  • arrow4 Options Clearing Corp. square_img Participant #443

Government / GNMA /
Zero Coupon

  • arrow4 Fed Wireable Deliveries square_img ABA 021 000018 square_img BK OF NYC / PERSHING
  • arrow4 PTC - Book Entry GNMA square_img PERSH


  • arrow4 NSCC / Envelope Service square_img Participant #443
  • arrow4 Over The Window square_img Participant #443/PROE square_img One Pershing Plaza (Lobby) square_img Grove Street PATH Station square_img Jersey City, NJ 07399 square_img All Instructions Must Include: square_img Account Name square_imgAccount Number

Wire Fund

  • arrow4 Chase Manhattan Bank square_img New York, NY square_img ABA# 021-000021 square_img A/C DLJ Sec. Corp. F/A/O square_img Pershing Division square_img A/C# 930-1-032992 square_img Client's Brokerage Account Nam square_img Client's Brokerage Account square_img Number
Delivery vs. Payment (DVP)


Delivery vs. Payment (DVP) is a way of controlling the risk to which securities market participants are exposed.

With DVP, the delivery of securities (or in other words, the change in their ownership) is done simultaneously with payment. As a result, neither the buyer nor the seller is exposed to the risk that the other will default.

DVP directly protects security market participants (such as brokers) rather than investors. This indirectly reduces the cost and risks of trading for everyone.

Major markets use either DVP with real-time settlement or a central counter party to eliminate the risk of having to unwind trades.