DTCC Is Operational On Tuesday, October 30 - Clearing, Settlement And Operational Processes Underway From Alternate Data And Operations Sites

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.