The Depository Trust & Clearing Corporation (DTCC) will add cash settlement capabilities, including delivery-versus-payment (DVP), to its Loan/SERV suite of services that is helping to automate and streamline the processing of syndicated commercial loans on a global basis.
“DVP will provide certainty to loan traders that cash settles simultaneously with changes to asset ownership recorded by the agent banks,” said Chris Childs, DTCC vice president, global loans product management. “This service will complement our existing Loan/SERV reconciliation and messaging services, both introduced in 2008, that automate and facilitate the trading and tracking of syndicated loans for both agent banks and lenders. By providing a DVP capability, Loan/SERV will dramatically reduce risk and provide greater certainty in the syndicated loan market.”
In the near future, DTCC will issue an outline detailing how the settlement process will work.
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