A situation where a selling DEALER has not delivered securities to the buying dealer, and will thus not receive payment. Fails are commonly used as a measure of operationsbased PROCESS RISK. See also FAIL TO RECEIVE, AGED FAIL.
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A situation where a selling DEALER has not delivered securities to the buying dealer, and will thus not receive payment. Fails are commonly used as a measure of operationsbased PROCESS RISK. See also FAIL TO RECEIVE, AGED FAIL.
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