Series 6: 8.3.3. COD/DVP Instructions

Taken from our Series 6 Online Guide

8.3.3. COD/DVP Instructions

Cash on demand (COD), or delivery vs. payment (DVP), simply means that delivery and payment must occur simultaneously. COD means that a buyer does not have to pay for its purchased securities until it receives them. Delivery and payment is usually processed automatically from a customer’s agent, which is typically a bank.

A COD/DVP account must be approved by a registered clearing agency that uses an automated confirmation and acknowledgment sys

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