Twin Storms
T he Depository Trust & Clearing Corporation (DTCC) had proven itself through the Y2K scare and the terrorist attacks of 9/11 that followed in close succession. By 2008, the firm was settling $1.88 quadrillion in transactions. That same year, DTCC made its deepest fee cuts ever, saving its clients a total of $260 million. While the firm had been relentless in its focus to drive down core clearing costs, it recognized there was more that could be done. DTCC was hardly resting on its successes. The firm continued to implement a strategy for stress testing and simulating systemic shocks, including the failure of one or more of its members. DTCC was testing its own resilience, too, learning the lessons of 9/11 to shield and diversify its operations.
By 2012, The Depository Trust & Clearing Corporation (DTCC) was used to facing economic storms head-on, but in the aftermath of Superstorm Sandy, the largest Atlantic hurricane on record, the firm had to scramble to save its most important documents. They were stored in the underground vault at DTCC’s 55 Water Street offices in downtown New York City, which were severely flooded. (Photo by Robert Simmon courtesy of NASA Earth Observatory.)
Made with FlippingBook. PDF to flipbook with ease