DTCC battles literal storm as Sandy visits the US 29 October 2012New York Reporter: Georgina Lavers
Image: Shutterstock
The Depository Trust & Clearing Corporation today confirmed that it will maintain operations on 29 October despite the impact of hurricane Sandy on the eastern coast of the US.
“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 at 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 usual. All other services will proceed normally, with the exception of all securities certificate processing services. Given the disruption to New York's public transportation system and the fact that the hurricane may significantly affect lower Manhattan, all certificate-based services, including deposits, withdrawals, envelope and New York Window services, will be suspended beginning from today.
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 