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SEC Historical Society to Host Webcast on DTCC Business Continuity
New York and Washington, October 13, 2004 - The Depository Trust & Clearing Corporation (DTCC) will discuss business recovery requirements for clearance and settlement organizations as a result of 9/11 on a special webcast on November 11 at 2 p.m. sponsored by the Securities and Exchange Commission Historical Society.
The webcast will feature a discussion with Donald F. Donahue, chief operating officer of DTCC and Richard Nesson, DTCC managing director and general counsel. The discussion, part of the SEC Historical Society's fireside chat series, will be moderated by Donald C. Langevoort, Thomas Aquinas Reynolds Professor of Law with the Georgetown University Law Center.
Visitors to the SEC Historical Society's Web site at www.sechistorical.org by or before November 5 can submit questions that can be included in the webcast, or questions can be emailed directly to c.rosati@sechistorical.org.
DTCC provides the primary post-trade infrastructure for the U.S., clearing and settling virtually all retail and institutional trades in equities, corporate bonds, municipal bonds, U.S. government securities, mortgage-backed securities, commercial paper, and other securities, amounting to more than $3.5 trillion daily.
While DTCC has multiple operating and data facilities, its main headquarters is in lower Manhattan, just blocks from Ground Zero. While the markets closed on 9/11 and the days immediately after, DTCC was able to continue clearance and settlement operations of previous days' trades. Although operations were able to continue uninterrupted, DTCC immediately embarked on a substantial effort to provide even more geographically diversified capabilities and telecommunications network resiliency to support virtually all trading parties in the U.S. that clear and settle through DTCC's subsidiaries. The changes and enhancements to DTCC's business continuity program were detailed in a report to the industry in February 2004, which is available on DTCC's Web site at www.dtcc.com under "Thought Leadership" and "White Papers."
The business continuity capabilities of the clearance and settlement system in the U.S. has also been the focus of a report the Federal Reserve, SEC and Office of the Controller of the Currency, which set minimum requirements for ensuring the system could survive and operate in the event
About DTCC
The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter derivatives. DTCC's depository also provides custody and asset servicing for more than two million securities issues from the United States and 100 other countries and territories. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.
About the SEC Historical Society
Through its virtual museum, the Securities and Exchange Commission Historical Society seeks to make broadly available an objective analysis of the impact that the U.S. Securities and Exchange Commission has had on the growth of American and world financial markets since the SEC's founding in 1934. The virtual museum contributes to the understanding of how the SEC has shaped and continues to shape U.S. and international capital markets.
The Society, founded as a 501(c)(3) non-profit institution in 1999, is independent of and separate from the U.S. Securities and Exchange Commission, and receives no federal funding. The Society is also separate from and independent of ASECA - the Association of SEC Alumni.
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