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As of: June 27, 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) 78013 -24308 73337 -17327
U.S. Treasury Inflation-Protected
Securities (TIPS) 7714 -2661 5999 -3804
Federal Agency and GSE Securities
(excluding MBS) 2867 1435 2277 225
Federal Agency and GSE
Mortgage-backed Securities4 17032 -4940 16523 -7615
Other Mortgage-backed Securities 1468 -304 1977 46
Corporate Securities 19084 -237 28612 4836
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
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
Fails in Mortgage-Backed securities include 'to be announced'
securities where the settlement date is beyond the contractual
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: firstname.lastname@example.org