Naked short sales and fails-to-deliver: An overview of clearing and settlement procedures for stock trades in the USA

Putnins, TJ

Naked short sales and fails-to-deliver: An overview of clearing and settlement procedures for stock trades in the USA

Putnins, TJ

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Publisher:: Henry Stewart Publications
Publication Type:: Journal Article
Citation:: Journal of Securities Operations and Custody, 2010, 2 (4), pp. 340 - 350
Issue Date:: 2010-01

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Field	Value	Language
dc.contributor.author	Putnins, TJ https://orcid.org/0000-0001-5731-499X	en_US
dc.date.issued	2010-01	en_US
dc.identifier.citation	Journal of Securities Operations and Custody, 2010, 2 (4), pp. 340 - 350	en_US
dc.identifier.issn	1753-1802	en_US
dc.identifier.uri	http://hdl.handle.net/10453/31449
dc.description.abstract	This article outlines the process of clearing and settlement for stock trades in the US. It pays particular attention to what happens when the seller of a stock fails to deliver that stock at settlement and describes the mechanisms to resolve delivery failures. Fails to deliver can occur for a number of reasons, such as human error, administrative delays and the controversial practice of naked short selling. This article helps understand the implications of naked short selling for trade counterparties and, more generally, the effects of naked short selling on the clearing and settlement system.	en_US
dc.publisher	Henry Stewart Publications	en_US
dc.relation.ispartof	Journal of Securities Operations and Custody	en_US
dc.title	Naked short sales and fails-to-deliver: An overview of clearing and settlement procedures for stock trades in the USA	en_US
dc.type	Journal Article
utslib.citation.volume	4	en_US
utslib.citation.volume	2	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Finance Discipline
utslib.copyright.status	closed_access
pubs.consider-herdc	false	en_US
pubs.issue	4	en_US
pubs.volume	2	en_US

Abstract:

This article outlines the process of clearing and settlement for stock trades in the US. It pays particular attention to what happens when the seller of a stock fails to deliver that stock at settlement and describes the mechanisms to resolve delivery failures. Fails to deliver can occur for a number of reasons, such as human error, administrative delays and the controversial practice of naked short selling. This article helps understand the implications of naked short selling for trade counterparties and, more generally, the effects of naked short selling on the clearing and settlement system.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/31449