Abacus

DTCC processed nearly USD19trn in securities transactions during Superstorm week

The Depository Trust & Clearing Corporation (DTCC) processed approximately USD19trn in securities transactions last week during the events of Superstorm Sandy.

During and since this time period, DTCC has remained operational from its multiple out-of region facilities.

The company’s New York-based employees began working remotely at the onset of the storm, and DTCC’s emergency recovery centre in Brooklyn was active by 31 October.

“DTCC’s robust business continuity strategy includes having a number of facilities operating on a daily basis from different locations, maintaining multiple technology redundancies and a disbursed employee population. This enables us to stay operational even under the most challenging of circumstances, such as Superstorm Sandy and last year’s Hurricane Irene,” says Michael Bodson, chief executive officer and president of DTCC. “As a leading provider of critical infrastructure services for the global capital markets, our priority is to ensure that we remain operational through a wide range of scenarios.

“Throughout the week, we were in regular contact with key members of the financial industry, our settlement banks, clients, employees, regulators and local, state and federal emergency management officials to ensure all stayed current on developments impacting DTCC and its clients. We are pleased that we met all critical clearance and settlement deadlines, helping ensure the stability of the US markets despite the significant impact of the storm to the US eastern seaboard and New York City.”

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