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What is WineCustody?

WineCustody is the group's custodial company, legally structured as a trust where its specifically designated within the Terms and Conditions as only a "Nominee holder" of wine held in its consignment. WineBourse users will always remain the "Beneficiary" owner of wine held at WineCustody.

Furthermore, the company is fully ring-fenced from the rest of the group by the following Articles of Association:

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1.  No Cross-Default with any other part of the group

2.  No inter-company lending

3.  No co-mingling of assets with any other part of the group

4.  No shareholders present or future may pledge any assets or shareholding for any reason

5.  All shareholders pledge not to alter any of the above listed, four Articles of Association.

All members of the exchange automatically get a WineCustody account where all purchases are settled. The same account can also be used for storing wine in consignment at very competitive rates (see below):

WINECUSTODY STORAGE AND HANDLING FEES (per case)
Storage
£10.2 / YEAR *
Landing to WineCustody
£3.00
Handling of Trades outside of WineCustody
£4.00

All trades clear securely via WineClear who has the right to change ownership at WineCustody based on WineBourse trade instructions (see Delivery vs. Payment ). Trades between WineCustody accounts do not incur any handling or landing fees.

The settlement period is Trade Date, T + 5 UK Business Days. Once a trade is matched on the exchange for a WineCustody seller, the settlement period begins as the wine is immediately transferred to the buyer's WineCustody account for a clearing period of 5 days. If the seller of wine is from a Trading Account - Private/Trade, Trade Date does not begin until the wine is transferred into the WineCustody account as per the emailed trade confirmation.

The 5 days allows enough time for any Condition Reports to be returned to the buyer, WineBourse strongly recommends the use of Condition Reports on the purchase of any wines on the exchange. Buyers can only transfer the wine or offer it back on the exchange when this clearing period has finished, at this point the seller has funds wired to their account.

Delivery vs. Payment

Delivery versus payment (DvP) is the global financial markets standard for the settlement of securities and commodities. DvP ensures a simultaneous exchange of assets for the receipt of payment. It's a services generally administered by an independent third party, often referred to as a clearing company. WineClear is the clearing company for the WineBourse group, and its role is to provide DvP settlement of case of wine over the exchange.

WineBourse like most modern exchanges, solely matches buyers and sellers, it does not take possession of funds or assets. The settlement instructions are passed to WineClear, which has an automated DvP clearing process for all trades. This not only provides WineBourse users with the most efficient and secure manner for trading their wine, it also prohibits WineBourse from acting proprietarily and getting in-between a buyer and seller meeting at the best price.

In-Bond Wine

Delivery versus payment (DvP) is the global financial markets standard for the settlement of securities and commodities. DvP ensures a simultaneous exchange of assets for the receipt of payment. It's a services generally administered by an independent third party, often referred to as a clearing company. WineClear is the clearing company for the WineBourse group, and its role is to provide DvP settlement of case of wine over the exchange.

Only wine held In Bond is permissible to trade on WineBourse.

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