The Law Dictionary

Featuring Black’s Law Dictionary Free Online Legal Dictionary 2nd Ed.


A SETTLEMENT practice in the financial markets where payment, generally in cash, is due to the seller of securities once the buyer has received the securities in its account. If payment is to be made before securities are received, the buyer faces SETTLEMENT RISK. Also known as CASH ON DELIVERY, DELIVER AGAINST CASH (DAC)/RECEIVE AGAINST PAYMENT (RAP).


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