securities industry term indicating payment is due when the buyer has securities in hand or a book entry receipt. It is also called delivery against cash, cash on delivery, or from the sell side, receive versus payment, Commonly used by institutional accounts, payment can be made to the seller, or a bank acting as the seller's agent, by check, wire transfer, or cash.
securities industry procedure, common with institutional accounts, whereby delivery of securities sold is made to the buying customer's bank in exchange for payment, usually in the form of cash. (Institutions are required by law to require "assets of equal value" in exchange for delivery.) Also called Cash On Delivery, delivery against payment, delivery against cash, or, from the sell side, receive versus payment.
