Fails Recorded in September
Overview
Monthly statistics from the Bank of Japan’s Financial Markets Department report the number and total face value of fails recorded in September 2026, along with the average and longest duration of fails resolved during the month and the number of buy-ins. The statistics are compiled from a survey of institutions that experienced fails. The report also describes the survey population, definitions of terms, and aggregation method for the reference figures on JGB DVP (book-entry transfer).
Key points
- The indicators are divided between fails recorded and fails resolved.
- The statistics are based on a survey of institutions that experienced fails.
- JGB DVP (book-entry transfer) is aggregated on a one-way basis.
Overview
The Bank of Japan’s Financial Markets Department published “Basic Figures on Fails (September 2026).” The material also includes reference figures for JGB DVP (book-entry transfer).
Details
In the September 2026 row of the statistical table, 208 fails were recorded, with a total face value of 343.5 billion yen. Fails resolved during the month had an average duration of 1.42 business days and a maximum duration of 15 business days; there were 0 buy-ins. The statistics count the number and total face value of fails recorded, and the duration and number of buy-ins for fails resolved.
The survey covers financial institutions and others that are direct participants in the Japanese Government Bond Book-Entry Transfer System and use the BOJ-NET JGB DVP System. The survey population was 244 institutions as of the end of August 2026. The data include settlements through proprietary, customer, and trust accounts.
A fail is a state in a JGB DVP transaction in which the securities to be delivered have not been delivered to the receiving party by the scheduled settlement date. A buy-in is a procedure for resolving a fail. It includes the purchase, at market prices, of the relevant securities or equivalent securities in accordance with the rules of the Japan Securities Dealers Association, and the purchase of Japanese Government Bonds by the Japan Securities Clearing Corporation or its clearing participants in accordance with that corporation’s rules.
The reference table’s “JGB DVP (book-entry transfer)” figures are aggregated on a one-way basis, counting each payment instruction once.