> For the complete documentation index, see [llms.txt](https://initiativ.gitbook.io/initiativ/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://initiativ.gitbook.io/initiativ/mm_internal/retained-from-version-0.1-not-yet-reworked/v01-12.8.1-payment-versus-delivery.md).

# (v01) 12.8.1 Payment versus Delivery

The Exchange guarantees transactions through a **Payment Versus Delivery (PvD)** model. This ensures that both the transfer of the underlying asset and the corresponding payment occur simultaneously at the time of the transaction.

Transactions are deemed paid and delivered at the time of the transaction within the Fiducie.

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**\[DECISION REQUIRED - Item 38 - CRITICAL]:** Are transactions deemed against Fiducie or Exchange? Clarify legal counterparty structure.
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This structure eliminates settlement risk and inherently mitigates several traditional risks associated with exchange trading, including counterparty credit risk and custody or misappropriation risk. However, this assurance comes at the price of not being able to cancel trades once they have been matched.