Payment-versus-payment (PvP) is a settlement mechanism that ensures that the final transfer of a payment in one currency occurs only if the final transfer of a payment in another currency or currencies takes place.
In July, the Global Foreign Exchange Committee published the results of a three-year review of the FX global code. Given the potential risks associated with FX settlement, the committee identified a need to strengthen its guidance on settlement risk to place greater emphasis on the usage of PvP settlement mechanisms.
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