Depository Trust and Clearing Corp. confirmed that it would maintain normal operations today despite the impact of Hurricane Irene on the east cost.
“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 Donahue, President and CEO at DTCC, which 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.
“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,” continued Donahue in his statement.
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.
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio