TABLE OF CONTENTS FOR VOLUME I (Continued)

Page

III.

AN INDUSTRY VIEW OF THE CAUSES OF FAILS (Cont.)

APPENDIX C: THE ANALYSIS OF MULTIPLE CAUSES OF FAILS

85

APPENDIX D: ESTIMATING THE SIZE OF THE FAILS PROBLEM

121

LIST OF FIGURES - VOLUME I

Figure No.

Page

1

A Simple Diagram of the Stock Trading and Stock Clearing
Systems

8

D-3

Percent Daily Volume Not Yet Cleared Versus Time, NYSE

129

D-4

D-5

Percent Daily Volume Not Yet Cleared Versus Time, ASE
Percent Daily Volume Not Yet Cleared Versus Time, OTC

130

131

2

3

The New York Stock Exchange Fails Survey Results
Estimates from the Arthur D. Little, Inc., Fails Survey Results

15

17

Comparison of Industry Views about Causes of Fails with
Survey Results

68