Fails Plummet after T+3 Penalty
Traders Magazine, December 2008
Exchanges' lists of fail-to-deliver securities shrank dramatically after the Securities and Exchange Commission instituted a new penalty for fails in mid-September. Nasdaq, the New York Stock Exchange, NYSE Arca and the American Stock Exchange have each seen their so-called "threshold list" of fails drop between 53 and 93 percent in less than two months.
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