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Depositary Trust & Clearing Says Securities Vault Is Submerged

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Nov. 2 (Bloomberg) -- The Depository Trust & Clearing Corp., which processes securities trades in the U.S., said its vault in southern Manhattan is under water.

DTCC, owned by member firms including investment banks, runs clearinghouses for trading of stocks and bonds. Clearing, settlement and other processes were “shifted seamlessly” to facilities outside the region as the hurricane battered the Northeast, it said.

“As the DTCC vault was sealed prior to evacuating the building and remains submerged, determining the extent of the damage would be speculative,” it said in a press release. “Although sea water levels have returned to normal, the lower floors in the building remain flooded. Our computer records are fully intact, including detailed inventory files of the contents of the vault.”

The organization’s headquarters at 55 Water Street in New York were damaged in Sandy, which flooded parts of southern Manhattan and cut electricity, it said. DTCC said the building will be inaccessible until power is restored.

Daily physical processing of securities is being carried out at a facility in Brooklyn, the organization said. Deposit services are available to clients who are able to make delivery in Brooklyn.

To contact the reporter on this story: Nina Mehta in New York at nmehta24@bloomberg.net.

To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net

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