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The 2022 Spike in Corporate Security Settlement Fails

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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.

Suggested Citation

  • Michael J. Fleming & Or Shachar & Peter Van Tassel, 2023. "The 2022 Spike in Corporate Security Settlement Fails," Liberty Street Economics 20230410, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:95946
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    More about this item

    Keywords

    settlement fails; corporate securities; primary dealers;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets

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