フェイル（証券決済未了） | 株式会社日本証券クリアリング機構

This page explains 'fail' (failed securities settlement) in Japan's securities clearing system. A fail occurs when a seller cannot deliver securities by the settlement deadline due to unavoidable circumstances. JSCC identifies affected receiver participants and postpones settlement to the next day, applying re-netting with new trades. Penalties are imposed on failing participants. Fails are resolved through three methods: delivery settlement on the rolled-over date, re-netting, or buy-in execution. The page includes a DVP settlement diagram example and details the priority ranking system for allocating fails among receiver participants.