Stats › Intraday en marktmicrostructuur › Fail rates
European exchange traded fund settlement fails at twenty percent by volume against two and a half percent for sovereign bonds
| Maatstaf | By volume | By value |
|---|---|---|
| Exchange traded funds, June 2024 | about 20 percent | about 15 percent |
| Same, twelve month average to May 2024 | 19.27 percent | 17.32 percent |
| Sovereign bonds, June 2024 | about 2.5 percent | about 2 percent |
| All European instructions, March 2023 to February 2024 | 7.14 percent | not stated here |
| Settlement internalisers, late 2025 to early 2026 | 4.4 percent | 2.8 percent |
| Pre regime baseline, 2012 | 2.6 percent | 1.1 percent |
A fund fails about eight times as often as a government bond and sits in the catch all penalty band at 0.5 basis points a day, five times the sovereign rate. Lack of cash accounts for less than one percent of all failures, so this is overwhelmingly a securities availability problem rather than a funding one.
Across depositories the fail rate for all instruments ranged from 0.05 to 27.39 percent by volume in 2022, a five hundred fold spread. One depository reports fail rates between twenty and thirty percent on its fund and share instruments.
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