Failures-To-Deliver (FTD)
// SEC bi-monthly dataset of trades that failed to settle on T+2
A failure-to-deliver (FTD) is a trade that did not settle on its expected settlement date (T+2 for US equities until 2024, T+1 since May 2024). The SEC publishes aggregated FTD counts bi-monthly per ticker.
- Bi-monthly SEC dataset, lag of about two weeks. Counts unsettled share volume per ticker per day.
- Persistent FTDs above the Reg SHO threshold (0.5% of total shares outstanding for five consecutive settlement days) put a ticker on the SEC threshold list, triggering a forced buy-in window.
- High FTDs are a signal of stress in the short-locate or settlement pipeline. They are not the same as short interest.
How it is calculated
The SEC publishes the per-ticker daily FTD count as part of its FOIA fails dataset. Exchanges and self-regulatory organizations also publish a daily Reg SHO threshold list for tickers that meet the persistence-and-size test above. A name on the threshold list triggers SRO close-out requirements, which means broker-dealers must purchase securities to close out the fail.
What traders use it for
- Confirming short-side stress when squeeze score is high. Persistent FTDs above the Reg SHO threshold are a different kind of evidence of crowded short positioning, sourced from the settlement pipeline rather than from FINRA SI.
- Tracking name-level threshold-list inclusions. Tapeboard surfaces threshold-list status on every /stocks/{T} page.
- Cross-checking a borrow-fee spike. If the borrow fee jumped and FTDs spiked at the same time, the locate market and the settlement pipeline are both stressed, which is consistent with a hard-to-borrow regime.
Worked example
In a hypothetical bi-monthly publication covering the first half of January, GME prints FTD counts of 1.2M shares on day 1, 0.8M on day 2, 1.4M on day 3, 0.6M on day 4, and 1.1M on day 5. Total shares outstanding is 280M, so the 0.5% threshold is 1.4M. Day 3 hits the threshold but the other days do not, so the persistence test (5 consecutive days at threshold) fails. GME would not land on the Reg SHO threshold list from this window despite the absolute count being elevated. Always read FTDs against the threshold rule, not the absolute number.
Live data: /stocks/GME.
Common pitfalls
- FTDs are not naked shorts. A fail can be a settlement-mechanics fail (clearing-firm error, manual processing) and not a directed short-without-locate. Interpreting every FTD as a "naked short" overstates the signal.
- The dataset lags by about two weeks. Live trading off FTD data is not viable; the dataset is for thesis-building, not signal generation.
- Bi-monthly publication cadence means the dataset covers half a month and arrives mid-following-month. Always check the published-as-of date before citing a number.
- Threshold-list status persists for several settlement days even after FTDs fall back below the threshold; do not infer current stress from a name still appearing on the list.
Where this metric appears on Tapeboard
FTD counts and Reg SHO threshold-list status appear on every `/stocks/{T}` page when the data is available. FTDs feed directly into the Tapeboard squeeze score as a stress confirmation input.
Related terms
- Short Interest: FINRA short-interest reports settle bi-monthly with a publication lag of about 10 business days from the report date.
- Utilization (Lending): Daily-published, sourced from broker-dealer stock-loan books (Tapeboard uses IBKR).
- Days To Cover: Higher DTC means a slower unwind. Above 5 days is a meaningful liquidity constraint on short covering; above 10 is severe.
- Squeeze Score: Five-input composite: SI %-of-float (35%), borrow fee (25%), float utilization (20%), days to cover (15%), 5-day momentum (5%). Weights last calibrated 2024-11-15.
Primary sources cited
- SEC Fails-to-Deliver dataset: SEC publishes per-ticker daily failures-to-deliver counts on a bi-monthly cadence. https://www.sec.gov/data/foiadocsfailsdatahtm, retrieved 2026-05-04.
- SEC Regulation SHO: Reg SHO threshold-list inclusion requires 0.5% of shares outstanding fail for 5 consecutive settlement days and at least 10,000 shares. https://www.sec.gov/investor/pubs/regsho.htm, retrieved 2026-05-04.
Methodology last reviewed 2026-05-04 by Marcus Reilly, Editor at Tapeboard. Every claim on this page has a row in the citation registry. Glossary terms reverify on the Jan 15 / Apr 15 / Jul 15 / Oct 15 cron and any time the underlying primary-source publishes a methodology change. See methodology for the full fact-check process and corrections for the public correction log.
Disclaimer. This page is for educational and informational purposes only. Nothing on Tapeboard is investment advice. See the full risk disclaimer.