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fail
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Fail
A transaction that has not been settled before a deadline.

Notes:
Presently, firms have three days after the date of a trade to settle stock transactions. Within this timeframe, securities and cash must be delivered to the clearing house for settlement. If firms are unable to meet this deadline a fail will occur.

Settlement requirements for stock, options, futures contracts, forwards, and fixed-income securities differ.

Fail
A deal is said to fail if on the settlement date either the seller does not deliver securities in proper form or the buyer does not to deliver funds in proper form.
fail
Of or relating to a trade in which the seller does not deliver securities or the buyer does not deliver funds in the prescribed manner at the prescribed time, usually on the settlement date. Compare clear.
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