The Depository Trust & Clearing Corporation confirmed that it will maintain operations on Monday, October 29 despite the impact of Hurricane Sandy on the eastern coast of the United States.
“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, 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 as usual. All other services will proceed normally, with the exception of all securities certificate process services. Given the disruption to New York City’s public transportation system and the fact that lower Manhattan may be significantly impacted by the hurricane, all certificate-based services – deposits, withdrawals, envelop and New York Window services – will be suspended beginning on Monday.