Engaging Industry

Coronavirus: Protecting Our Families and Serving Our Clients

From Michael C. Bodson, DTCC President & CEO | Mar 18, 2020

Continuing to Serve Our Clients
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.

 

UPDATES

March 23, 2020: DTC has suspended all physical processing services until, at the earliest, Monday, March 30th due to the impact of the COVID-19 virus. This does not impact other DTC operations. DTCC remains open and we continue to operate business as usual, providing uninterrupted access to all products, services and capabilities to our clients across the globe. Further details are provided in Important Notice B13102-20: Temporary Suspension of All DTC Physical Securities Processing.


March 26, 2020: Managing Risk in Times of Crisis - With the coronavirus continuing to spread around the world and the markets experiencing unprecedented volatility and volumes, Tim Cuddihy, DTCC Managing Director, Financial and Operational Risk Management, speaks on the role that DTCC plays in safeguarding the markets and how it manages risk, each and every day.


March 28, 2020: Due to ongoing concerns related to the COVID-19 virus, we have taken the decision to extend the suspension of all physical processing services until, at the earliest, Monday April 6, 2020. DTC requests that Participants and transfer agents not send certificates via messenger, courier services or USPS to DTC until further notice as DTC will not have a mechanism to accept or perform any transaction processing.  Further details are provided in Important Notice B13161-20: Temporary Suspension of All DTC Physical Securities ProcessingTHIS NOTICE SUPERSEDES IMPORTANT NOTICE B#13153-20 distributed on March 26, 2020, announcing the re-opening of physical processing, which is no longer accurate.  All other DTC services remain business as usual. DTCC remains open and we continue to provide uninterrupted access to our products and services to our clients across the globe.

 

 

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