Trillions of Dollars of Securities May Have Been Destroyed by Hurricane Sandy

Monday, November 5, 2012
By Paul Martin

by George Washington
ZeroHedge.com
11/05/2012

The Depository Trust & Clearing Corp (DTCC) holds trillions of dollars of stock certificates in trust for their owners, through its subsidiary Cede & Co.

DTCC subsidiary Deriv/SERV also clears substantial volumes of derivatives such as credit default swaps.

The international headquarters for DTCC and its Cede & Co. and Deriv/SERV subsidiaries is located at 55 Water Street in Manhattan, and the vault storing trillions in stock certificates and other instruments was apparently flooded by Hurricane Sandy.

CNN reports:

The Rest…HERE

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