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.