Characterizing the Rising Settlement Fails in Seasoned Treasury Securities

Michael Fleming and Frank M. Keane

No 20160104, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: In a 2014 post, we described what settlement fails are, why they arise and matter, and how they can be measured. A subsequent post explored the determinants of the increased volume of U.S. Treasury security settlement fails in June 2014. Part of that episode reflected a steady increase in settlement fails of seasoned securities. In this post, we explore the characteristics of seasoned fails in recent years, in order to better understand the risks associated with such fails.

Keywords: Treasury market; Settlement Fails (search for similar items in EconPapers)
JEL-codes: G1 (search for similar items in EconPapers)
Date: 2016-01-04
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