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Settlement, Clearance and Custody (Level 3, Unit 3)
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The portfolio manager at a private bank in United States is tasked with addressing DVP (Delivery versus Payment) principles during outsourcing. After reviewing a whistleblower report, the key concern is that the third-party back-office provider has been settling high-value corporate bond trades using 'free delivery' methods followed by separate wire transfers, rather than using a linked settlement mechanism. This practice has persisted for the last two quarters, affecting approximately $150 million in transaction volume. The portfolio manager must now rectify this operational deficiency to align with industry best practices and mitigate the risk of principal loss. Which of the following actions represents the most effective application of DVP principles to resolve this issue?
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