Trillions of Dollars of Securities May Have Been Destroyed by Hurricane Sandy
by George Washington
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.