A situation where a buying DEALER has not received securities from the selling dealer, and will thus not make its payment. Fails are commonly used as a measure of operations-based PROCESS RISK. See also AGED FAIL, FAIL TO DELIVER.
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A situation where a buying DEALER has not received securities from the selling dealer, and will thus not make its payment. Fails are commonly used as a measure of operations-based PROCESS RISK. See also AGED FAIL, FAIL TO DELIVER.
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