A transaction that has not been settled more than 30 days after the trade date. An aged fail is subject to specific fines and other charges from the SEC. Aged fails occur most often between clearing houses and institutions; individual investors rarely commit an aged fail. See also: Fail, Settlement.
A contract between broker-dealers that remains unsettled 30 days after the settlement date. A security that is subject to an aged fail may no longer be counted as an asset by the receiving firm.