In finance, a failure to deliver (also FTD, plural: fails-to-deliver or FTDs) is the inability of a party to deliver a tradable asset, or meet a contractual obligation. A typical example is the failure to deliver is when a purchaser of an security does not have the cash, or shares as part of a short transaction. The Securities and Exchange Commission publishes "fails-to-deliver" data regarding transactions in the United States. According to CNN in the US markets, fails-to-deliver had reached $200 billion a day in September 2011, but no similar data has been available for Europe.