Wall Street Aces Big T+1 Test With No Rise in Failed Trades (1)

The proportion of US securities transactions failing to settle remained largely steady on Wednesday, as Wall Street aced the first major test of its move to a faster trading system.

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.

For matched trades ...