Delivery versus payment (DvP) is a securities industry settlement method that guarantees the transfer of securities at the time of payment. Settlement is conducted electronically via CHESS (ASX’s settlement system) and instructions are submitted by participant brokers on behalf of their client.
Funds are deducted automatically by the broker from the client cash account and the securities are simultaneously transferred to the buyer.
OnMarket will use DvP for various placements on our platform. When DvP is used on a placement, no other payment options will be accepted.
DvP settled offers are open to those investors who qualify as a sophisticated or professional investor.
To participate in placements using DvP, you must have a Holder Identification Number (HIN). This is provided by your full service or online broker. The HIN must be entered into your OnMarket investment profile and you must also select the Broker that your HIN is held with. All details within your investment profile must match your CHESS registration.
Please note, applications using investment profiles that have not been verified or are missing a HIN will not receive an allocation.
Where a placement is to be settled via DvP, the process will be as follows:
By submitting an application in the offer, you warrant that there are sufficient funds in your broker linked bank account.