16 January 2017
visit http://www.wolterskluwerfs.com

DTCC starts sorting though Sandy-flooded securities vault

15 November 2012  |  5816 views  |  0 New York Skyline 2

The Depository Trust and Clearing Corporation has begun sifting through the soggy remains of approximately 1.3 million physical securities certificates stored in an underground vault in lower Manhattan which was overwhelmed by a tidal surge during superstorm Sandy.

The DTCC says analysis of the vault confirms its initial fears that significant flooding and water damage occurred throughout the facility.

"While it is premature to determine the full extent of the damage," says the depository in a statement. "It is essential to begin the restoration process to avoid further deterioration."

The utility says its has retained the services of a brace of disaster recovery and restoration firms to assist in redressing the damage and that it expects to have a more accurate assessment of the condition of the physical securities within a week's time.

"It is too early to determine how many of the physical certificates can be restored," the firm states. "The restoration process will take some time, possibly months."

During the storm, the DTCC shifted its operations to alternative data centres in Florida and Dallas. The depository says that its computer records are fully intact, including detailed inventory files of the contents of the vault.

Describing the effort as more of an administrative and logistical challenge than an economic issue, the DTCC says it is engaged in discussions with transfer agents to establish procedures for issuing replacement certificates from its computer records.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Sandy-hit Wall Street faces questions over contingency plans

Sandy-hit Wall Street faces questions over contingency plans

01 November 2012  |  5854 views  |  6 comments | 3 tweets | 2 linkedin
Sandy wreaks havoc on Manhattan

Sandy wreaks havoc on Manhattan

30 October 2012  |  6747 views  |  0 comments | 1 tweets | 2 linkedin
US stock markets shuttered as Hurricane Sandy approaches

US stock markets shuttered as Hurricane Sandy approaches

29 October 2012  |  4464 views  |  1 comments | 3 tweets | 2 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit capgemini.comVisit contisgroup.com

Top topics

Most viewed Most shared
Five fintech surprises for 2017Five fintech surprises for 2017
14369 views comments | 51 tweets | 46 linkedin
Blockchain impact timeline speeds up, massive cost savings forecastBlockchain impact timeline speeds up, mass...
10523 views comments | 34 tweets | 28 linkedin
Swift goes deeper into the blockchainSwift goes deeper into the blockchain
8301 views comments | 29 tweets | 42 linkedin
Belgium builds fintech bridge to LondonBelgium builds fintech bridge to London
6990 views comments | 25 tweets | 6 linkedin
ECB consults on development of pan-EU settlement service for instant paymentsECB consults on development of pan-EU sett...
6890 views comments | 16 tweets | 39 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job