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Is the Risk of Non-Delivery Considered a Type of Basis Risk?

No, the risk of non-delivery is generally considered a performance risk or counterparty risk , which is largely mitigated by the clearinghouse's guarantee. Basis risk is specifically the risk that the price relationship between the spot asset and the futures contract will change unexpectedly.

Non-delivery is a failure of the contract's performance mechanism, not a failure of the price relationship to align.

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