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3 posts on "Settlement Fails"
April 10, 2023

The 2022 Spike in Corporate Security Settlement Fails

Michael J. Fleming, Or Shachar, and Peter Van Tassel

Decorative photo: stock market board with overlay of line and bar chart

Settlement fails in corporate securities increased sharply in 2022, reaching levels not seen since the 2007-09 financial crisis. As a fraction of trading volume, fails that involve primary dealers reached an all-time high in the week of March 23, 2022. In this post, we investigate the 2022 spike in settlement fails for corporate securities and discuss potential drivers for this increase, including trading volume, corporate issuance, fails in bond ETFs, and operational problems.

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Posted at 7:00 am in Financial Markets | Permalink
September 19, 2014

What Explains the June Spike in Treasury Settlement Fails?

Michael J. Fleming, Frank M. Keane, Antoine Martin, and Michael McMorrow Disclaimer

In June of this year—as we noted in the preceding post—settlement fails in U.S. Treasury securities spiked to their highest level since the implementation of the fails charge in May 2009.

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Posted at 7:05 am in Financial Institutions, Financial Markets | Permalink | Comments (3)
August 26, 2013

Information on Dealer Activity in Specific Treasury Issues Now Available

The New York Fed has long collected market information from its primary dealer trading counterparts and released these data in aggregated form to the public.

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Posted at 7:00 am in Financial Institutions, Financial Markets | Permalink

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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

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