free delivery
23 (for the purposes of BIPRU)73 a transaction of the type set out in BIPRU 14.4.2 R (Requirement to hold capital resources with respect to free deliveries) which, in summary, is a transaction under which a person:
- (a) has paid for securities,foreign currencies or commodities before receiving them or it has delivered securities,foreign currencies or commodities before receiving payment for them; and
- (b) in the case of cross-border transactions, one day or more has elapsed since it made that payment or delivery.