Trading
Fails to deliver
A settlement failure where securities are not delivered by the required settlement date.
What it means
Fails-to-deliver data is market-structure context published from public sources. It can be affected by settlement mechanics, operational issues, short selling, market making, or other activity.
Example
A high FTD count for a date shows settlement failures for that date, not the reason each fail occurred.
What not to infer
FTDs do not automatically prove manipulation or predict future price movement.