08 December 2016
Visit aciworldwide.com

DTCC starts sorting though Sandy-flooded securities vault

15 November 2012  |  5789 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  |  5829 views  |  6 comments | 3 tweets | 2 linkedin
Sandy wreaks havoc on Manhattan

Sandy wreaks havoc on Manhattan

30 October 2012  |  6727 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  |  4447 views  |  1 comments | 3 tweets | 2 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit capgemini.comVisit contisgroup.com

Who is commenting?

A Finextra member Finextra Member Commented on: Payments regulator blo...
A Finextra member Finextra Member Commented on: Payments regulator blo...

Top topics

Most viewed Most shared
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
7513 views 12 comments | 15 tweets | 27 linkedin
OCC to offer fintech firms bank charter statusOCC to offer fintech firms bank charter st...
7067 views comments | 25 tweets | 15 linkedin
China tops world fintech rankingsChina tops world fintech rankings
6868 views comments | 34 tweets | 30 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6260 views comments | 19 tweets | 20 linkedin
Big tech policy group calls on Trump to promote fintech innovationBig tech policy group calls on Trump to pr...
5737 views comments | 22 tweets | 11 linkedin

Featured job

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

Find your next job