Before 2008, regulators had generally downplayed the extent of naked shorting in the US. At a North American Securities Administrators Association (NASAA) conference on naked short selling in November 2005, an official of the New York Stock Exchange stated that NYSE had not found evidence of widespread naked short selling. In 2006, an official of the SEC said that "While there may be instances of abusive short selling, 99% of all trades in dollar value settle on time without incident." Of all those that do not, 85% are resolved within 10 business days and 90% within 20. That means that about 1% of shares that change hands daily, or about $1 billion per day, are subject to delivery failures, although the SEC has stated that "fails-to-deliver can occur for a number of reasons on both long and short sales", and accordingly that they do not necessarily indicate naked short selling.