DTCC is Operational on Tuesday, October 30
The Depository Trust & Clearing Corporation today confirmed that it is maintaining operations on Tuesday, October 30, despite flooding and power outages in Lower Manhattan resulting from Superstorm Sandy, which has affected the company's headquarter location. DTCC has successfully shifted clearing, settlement and other processes from its primary site to alternative sites in multiple out-of-region locations. The firm anticipates being fully operational when the US markets re-open for business.
“DTCC has fully enacted its business continuity plans and shifted operations from our primary data and operations centers. We will continue to provide processing and settlement, following our company-established emergency response procedures,” said Michael Bodson, President and CEO, DTCC. “Our alternate sites are operational, and employees are equipped to work remotely.”
The company's subsidiaries, DTC, FICC and NSCC, including Mutual Funds Services and Alternative Investment Products services will follow their normal processing schedules for all transactions and applications.
Deadlines for NSCC and FICC clearing fund, DTC participants' fund, settlement and other processes will be as usual. The firm reports that all other services will proceed normally, with the exception of all physical certificate processing and custody services. Given the impacts to lower Manhattan and the inaccessibility of DTCC's headquarters, all certificate-based services – deposits, withdrawals, envelope and New York Window services – continue to be suspended until further notice.
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.