Primary Dealer Total Treasury Fails (Deliver + Receive) in 2015
Primary Dealer Total Treasury Fails (Deliver + Receive) opened 2015 at 156,704 and closed at 392,288, a +150.34% move for the year. The high of 392,288 was reached on December 30, and the low of 97,576 on April 22.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 156,704 | 135,542 | 156,704 | 135,542 | -13.50% |
| Feb | 149,153 | 220,845 | 220,845 | 104,465 | +48.07% |
| Mar | 284,961 | 126,843 | 284,961 | 117,348 | -55.49% |
| Apr | 112,914 | 143,291 | 143,291 | 97,576 | +26.90% |
| May | 166,411 | 139,715 | 206,786 | 139,715 | -16.04% |
| Jun | 143,046 | 125,978 | 156,384 | 125,978 | -11.93% |
| Jul | 126,526 | 111,449 | 134,228 | 111,449 | -11.92% |
| Aug | 139,338 | 165,653 | 165,653 | 128,298 | +18.89% |
| Sep | 160,370 | 162,098 | 162,098 | 120,553 | +1.08% |
| Oct | 168,392 | 180,312 | 180,312 | 165,997 | +7.08% |
| Nov | 172,463 | 195,475 | 228,506 | 172,463 | +13.34% |
| Dec | 153,657 | 392,288 | 392,288 | 153,657 | +155.30% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
Related Metrics
Get historical context as markets unfold, regime classification, scenario triggers, and analysis in your inbox.