DTCC Releases Statement on $37 Trillion in Damaged Stock Certificates

The Depository Trust & Clearing Corporation (DTCC) has released a statement regarding the status of it’s NY securities vault after assessing the flood damage from SuperStorm Sandy.  The DTCC, which had previously stated that up to $37 TRILLION in stock certificates may have been damaged, stated that upon examination of the vault, that significant flooding and water damage occurred throughout the facility and that It is too early to determine how many of the physical certificates can be restored. The restoration process will take some time, possibly months.

Full DTCC Press Release below:

 

From BusinessWire: (H/t ZH)

NEW YORK–(BUSINESS WIRE)–The Depository Trust & Clearing Corporation (DTCC) has begun the initial phase of recovering the contents of its securities vault. Our analysis of the condition of the vault, once we were able to open it, was that significant flooding and water damage occurred throughout the facility. While it is premature to determine the full extent of the damage, it is essential to begin the restoration process to avoid further deterioration.

DTCC has retained highly-recognized, well-respected disaster recovery and expert restoration firms to work with on this important effort in order to carefully and diligently address the challenges resulting from the damage caused by Superstorm Sandy.

DTCC 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 restoration process will take some time, possibly months.

DTCC maintains a robust certificate inventory file with ownership information that can be replicated from our multiple data centers. The company’s computer records are fully intact, including detailed inventory files of the contents of the vault. This effort is more of an administrative and logistical challenge than an economic issue. DTCC is engaged in active discussions with representatives of various transfer agents for the purpose of establishing a protocol for the issuance of replacement certificates, without requiring the presentation of the original certificates.


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