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The 2022 Spike in Corporate Security Settlement Fails

Michael Fleming, Or Shachar and Peter Van Tassel

No 20230410, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: 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.

Keywords: settlement fails; corporate securities; primary dealers (search for similar items in EconPapers)
JEL-codes: G1 (search for similar items in EconPapers)
Date: 2023-04-10
New Economics Papers: this item is included in nep-mst
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