Well I have to admit that's pretty interesting. Until now every time I read about "abusive short selling" I thought "Yeah right." I had no idea that 1% of trades fail to deliver every day. That's a lot. And the best the SEC can do is say "Duh - I dunno why." Very curious.
That's why I love the futures market - so simple, so straightforward, so transparent by comparison. Every trade settles every day. The bookkeeping is simple - for every long there's a short, period.
Wall Street is so frickin' opaque.