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

As of: July 11, 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)                                        74493    -958         68567   -9685

U.S. Treasury Inflation-Protected

Securities (TIPS)                             8189     776          7843    1528

Federal Agency and GSE Securities

(excluding MBS)                               2996    2017          3730    1295

Federal Agency and GSE

Mortgage-backed Securities4                   5353    -487          4771   -1277

Other Mortgage-backed Securities              1177     593          1901    -979

Corporate Securities                         15300   -3079         19722   -8051

     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$]