DTCC finds 1.3 million soaked securities in Sandy-flooded NY vault

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DTCC finds 1.3 million soaked securities in Sandy-flooded NY vault

DTCC finds 1.3 million soaked securities in Sandy-flooded NY vault

So the rumors were right about these soaked certificates!

Reuters-

The Depository Trust & Clearing Corp., which processes financial transactions and stores securities, has begun the long process of recovering about 1.3 million soaked securities that were stored in a 10,000-square-foot underground vault in a lower Manhattan skyscraper flooded by Superstorm Sandy.

The company declined to disclose the value of the stocks and bonds. But it was a “very small percentage” of the $39.5 trillion of stocks and bonds that its depository stores, DTCC spokeswoman Judy Inosanto said. The percentage of securities that are handled electronically are in the “high 90s”, she said.

[REUTERS]

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