The Depository Trust & Clearing Corporation has issued a press release stating that it will remain open today despite Hurricane Sandy's impact.
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The DTCC's statement is below.
DTCC Remains Open for Operation on October 29
Clearing, Settlement and Operational Processes Will Operate as Usual
New York, October 28, 2012 – The Depository Trust & Clearing Corporation today confirmed that it will maintain operations on Monday, October 29 despite the impact of Hurricane Sandy on the eastern coast of the United States.
“DTCC has in place a robust business continuity plan and preparations have been completed to provide seamless processing and settlement on Monday and throughout the coming week, leveraging our multiple out-of-region sites and other company-established emergency response procedures,” said Michael Bodson, President and CEO, DTCC. “While the safety of DTCC employees and our clients is a top priority, we are also dedicated to addressing effectively the challenges and demands we may face as a result of events such as the hurricane that could potentially impact our business and the capital markets. We are confident that we will operate smoothly tomorrow and for the remainder of the week.”
Deadlines for clearing fund, settlement and other processes will be as usual. All other services will proceed normally, with the exception of all securities certificate processing services. Given the disruption to New York City’s public transportation system and the fact that lower Manhattan may be significantly impacted by the hurricane, all certificate-based services – deposits , withdrawals, envelope and New York Window services – will be suspended beginning on Monday.
Through multiple operating facilities and data centers around the world, DTCC and its subsidiary companies automate, centralize, and standardize the processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2011, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.7 quadrillion. Its depository provides custody and asset servicing for securities issues from 122 countries and territories valued at US$39.5 trillion. DTCC’s global OTC derivatives trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide across multiple asset classes.
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