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Published in:
1992 | OriginalPaper | Chapter
The Function of the Clearing House
Securities Lending in an International Clearing System: Cedel’s Securities Lending Programme
Author : Susan Alexander
Published in: International Securities Lending
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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A grim statistic is often cited whenever specialists in international securities gather. The figure is that 40 per cent of all transactions in global markets fail to settle on the contractual date; some pundits put the percentage even higher. While the exact number may be difficult to verify, what can be readily determined is that many of these failures are due to the inability of the seller to deliver the securities to the buyer by the trade’s settlement date.