Clearing, Settlement and Operational Processes Will Operate as Usual
The Depository Trust & Clearing Corporation today confirmed that it will maintain normal operations on Monday, August 29 despite the impact of Hurricane Irene on the eastern coast of the United States.
"DTCC has in place a robust business continuity plan and preparations have been completed to provide smooth 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 Donald F. Donahue, President and Chief Executive Officer, DTCC. "While the safety of DTCC employees and our customers 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 and normally tomorrow and for the remainder of the week."
Deadlines for clearing fund, settlement and other processes will be as usual. DTCC expects that operations will proceed normally, with the exception of certificate processing services. Given the disruption to New York City's public transportation and the fact that lower Manhattan is still recovering from the hurricane, all certificate-based services – deposits, withdrawals, envelope and New York Window services – will be suspended on Monday. These services will be deferred until Tuesday, August 30, at which time these processes will resume as normal.
About DTCC
DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$36.5 trillion. In 2010, DTCC settled nearly US$1.66 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas. For more information, please visit www.dtcc.com.
Contacts:
DTCC
Judy Inosanto, 212-855-5424
jinosanto@dtcc.com
Crystal
Bueno, 212-855-5473
clevy-bueno@dtcc.com
Richard
Marulanda, 813-470-2150
rmarulanda@dtcc.com