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Data released by the Depository Trust & Clearing Corp. show the “Fails Rate” recorded in its Continuous Net Settlement system — a platform that aims to minimize the exchange of securities between counterparties by netting off trades — was 1.90% on Wednesday. That compares to a daily average of 2.09% last week, before new rules halved the time allowed to complete every transaction to a single day.
In another positive sign, the proportion of Wednesday’s transactions that were “affirmed” — a mandatory step before settlement — by a deadline of 9 p.m. in New York hit 94.55%, the data showed. That beat the DTCC’s own 90% target for a second day, a level it has said is necessary to maintain market efficiency and help avoid an increase in failed trades.
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