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  • If a dealer was unable to deliver a bond, it either failed on the trade (incurring a fail cost that might be 400-600 basis points) or it attempted to borrow the bond in question via the autolending programs operated by the global clearers — at a cost of up to 350 basis points.

    --Frank J. Fabozzi, 1997, Securities Lending and Repurchase Agreements, p. 30

    July 11, 2010