# Equities

US cash equities trading

<figure><img src="/files/5zDjTaqJUMscUw7lhLyI" alt=""><figcaption></figcaption></figure>

<mark style="color:red;">PROBLEM</mark>

The principal risk in securities markets is settlement risk, where the seller of a security fails to deliver
\
the security while receiving payment or where the buyer of a security fails to deliver payment while
\
receiving the security. To deal with such risk, securities settlement systems have been put in place
\
in many markets to ensure a delivery versus payment (DvP) mechanism where the settlement of
\
the cash and the securities leg in a trade are intrinsically linked.

Current post-trade settlement arrangements that rely on a designated third party tend to be slow
\
and inefficient.

<figure><img src="/files/9a44osOePEBMbn34aXKp" alt=""><figcaption></figcaption></figure>

***

<mark style="color:purple;">RESOURCES</mark>

[https://xft.finance/downloads/gs-blockchain-cases.pdf
\
https://www.bankofcanada.ca/wp-content/uploads/2018/09/swp2018-45.pdf
](<https://xft.finance/downloads/gs-blockchain-cases.pdf&#xD;&#xA;https://www.bankofcanada.ca/wp-content/uploads/2018/09/swp2018-45.pdf&#xD;&#xA;>)

<https://www.gspublishing.com/content/research/en/reports/2019/09/04/916e112c-3150-40df-85df-9630090048de.pdf>


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