How Convenient! Was Sandy Wall Street’s New WTC-7? DTCC Stock certificates feared damaged by SandySubmitted by THE BULL LION on Mon, 11/05/2012 - 15:38
Trillions of dollars worth of stock certificates and other paper securities that were stored in a vault in lower Manhattan may have suffered water damage from Superstorm Sandy.
The Depository Trust & Clearing Corp., an industry-run clearing house for Wall Street, said the contents of its vault “are likely damaged,” after its building at 55 Water Street “sustained significant water damage” from the storm that battered New York City’s financial district earlier this week.
The vault contains certificates registered to Cede & Co., a subsidiary of DTCC, as well as “custody certificates” in sealed envelopes that belong to clients.
The DTCC provides “custody and asset servicing” for more than 3.6 million securities worth an estimated $36.5 trillion, according to its website.
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