Michael C. Bodson, DTCC President & CEO
The global impact of the coronavirus has created tremendous challenges for companies across sectors, including financial services. Like all our colleagues in business, our priority is to protect the safety and well-being of our employees and their families as well as members of the broader DTCC community. As a critical market infrastructure, however, we also have a responsibility to seamlessly execute for the industry and provide stability for the financial system – a role that is magnified during times of crisis when markets are extremely volatile, and our clients and others are looking to us to safeguard the system.
As we’ve seen over the past month, despite the unpredictability of the markets, our firm is steadfast, and we have robust business continuity standards and controls in place and resilience embedded into our systems and operations to manage during a wide variety of crisis scenarios. In recent weeks, we have implemented a series of policies, including remote working, to prevent the spread of the virus within our offices. We are closely monitoring the outbreak and have the agility and flexibility to quickly adjust our approach as needed as the situation evolves.
We are living through a very difficult time, and as the past few weeks demonstrate, events are moving faster than we’ve ever seen before. Please know that while this pandemic will challenge our firm and our industry, it will not change the way we perform for our clients. To all our stakeholders, please be safe.
If you have any questions, please call your relationship manager or send an email to RMsupport@dtcc.com.
May 14, 2020: DTC’s Physical Securities Processing will resume limited services on Monday, May 18, 2020 for previously submitted transactions and certificates. DTC will resume limited services for new physical securities transactions on Wednesday, May 20, 2020. Please do not submit new transactions prior to this date. Due to ongoing concerns related to the COVID-19 virus, we will be operating with very limited staff. Accordingly, DTC requests that Participants only submit urgent time-sensitive transactions until further notice. In addition, Participants and Agents should expect extended processing timeframes for physical securities processing of five business days or longer. All other DTC services remain Business as Usual. Read Important Notice B#13402-20: Partial Resumption of DTC Physical Securities Processing, posted May 14, 2020, for more information.
Providing Stability in Times of Market Stress - Murray Pozmanter, DTCC Head of Clearing Agency Services and Global Operations and Client Services, explains how DTCC provides stability for the financial system, day in and day out.
Shining our Brightest During a Historic Crisis - Tim Keady, DTCC Managing Director and Head of Solutions, shares how DTCC team have rallied together to rise to the occasion and protect the financial markets and our clients.
DTCC’s End User Services Provides Support for COVID-19 - When a request for donations of phone equipment for the Jacob K. Javits Convention Center COVID-19 hospital in Manhattan went out, DTCC employees responded quickly to help doctors, nurses and healthcare workers to stay in contact about patient progress throughout the massive convention center.