Delivery failure

The Treasury market is revered as an incarnation of inviolability, a safe haven where investors can park their money when economic prospects look grim, or even when corporate misdeeds threaten the very integrity of the markets themselves. But a chronic failure of market participants to deliver Treasury securities on their obligation dates late last year showed that no aspect of the market is immune to structural imbalances, and some even look at this shortfall as a predictor of future risks

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