US Data: Fails By U.S. Government Securities Dealers

As of: January 24, 2018

Source:  U.S. Federal Reserve Bank of New York                              

Figures in millions of U.S. dollars

                                        Fails to               Fails To

Type of Security                         receive   Change       Deliver   Change

--------------------------------------------------------------------------------

U.S. Treasury Securities

(excluding TIPS)                           97036  -157448        101542  -145229

U.S. Treasury Inflation-Protected

Securities (TIPS)                          15237     9551         14380    10881

Federal Agency and GSE Securities

(excluding MBS)                             1104     -287          1921      143

Federal Agency and GSE

Mortgage-backed Securities4                21012    -2040         23031    -3711

Other Mortgage-backed Securities            1073    -1108          1386     -609

Corporate Securities                       13612     -359         22850     2768

     Notes:                                                                 

     Delivery Fails occur when a trade fails to settle on schedule.    

There are two parties to every fail: one party fails to receive the    

security (fails to receive) and one party fails to deliver the security

(fails to deliver). Outright purchase and sale transactions can result 

in a fail. Financing transactions (securities borrowed or securities   

lent, also known as the market for collateral) may also result in a    

fail.                                                                  

     Aggregated fails data are aggregated across four distinct         

securities categories: Treasury Securities, Agency Securities,         

Mortgage-Backed Securities, and Corporate Securities. While fails are  

reported separately for these four categories, there is no defined     

breakdown within each category. For example, fails for Treasury bills  

are not reported separately from fails for Treasury notes.             

     Fails data reflect cumulative weekly aggregated 'fails to receive'

and 'fails to deliver' for the primary dealer community. Aged fails are

not reported separately from overall fails. Fails are reported at the  

amount that was to be paid or received on the day the failed trade was 

to settle.                                                             

     Fails in Mortgage-Backed securities include 'to be announced'     

securities where the settlement date is beyond the contractual         

settlement date.                                                       

     Data are not published if fewer than three dealers report financing

in this category. Figures may not add due to rounding. Data may reflect

revisions since prior publication.                                     

--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com

[TOPICS: MTABLE,MAUDT$,M$U$$$,M$$FI$,MN$FI$]