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Fails / Specialness

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Volume of Treasury settlement fails — an early-warning signal of liquidity stress or securities scarcity

Module/Funding
Latest Fails Measure$198.8 billion
Fails to Deliver$95.1 billion
Fails to Receive$103.6 billion
1-week Change-$36.8 billion
4-week Change-$37.1 billion
What To Watch
  • Whether fails to deliver and fails to receive rise together and persist beyond one weekly print.
  • Whether fails line up with repo-rate pressure, auction cycles, or dealer inventory.
What Can Mislead
  • Fails can be CUSIP-specific scarcity rather than broad market dysfunction.
  • Current data is aggregate weekly fails; without CUSIP-level specialness, do not claim a specific issue is special.
Data Lineage

Sourced from NY Fed dealer fails data; an early warning for funding stress and specialness.

Sources: New York Fed Primary Dealer Statistics

Chart
$-9.5B$232.0B$473.5B$715.1B$956.6B2013/042017/082022/012026/06

Sources·New York Fed Primary Dealer Statistics as of 2026-06-17

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