Here are two articles that Seth Farbman’s VStock LinkedIn group:
Seth, thanks for the great resources and keeping all of us in the know. Also, if you are involved in the public markets and understand what the DTC (or DTCC as they put it into initials) is dealing with right now? Their vault in lower Manhattan was under water and all the certificates that are in “Cede & Co.” which would be the complete public float for all companies that are DTC eligible, may be destroyed.
To understand what this may mean for DTCC, if a certificate is destroyed, the rest of us holders of paper certificates have to post a bond that says that we will not try to use the certificate that was lost or destroyed. This costs about 10% of the face of the certificate itself. Will they be required to post such a bond? If not, why should all of us..
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- Trillions of dollars worth of securities , stocks certificates , certificates for bonds and other financial instruments were destroyed in the flooding….. of course there are electronic records – what happens when there is a glitch in the electronic matr (fredw-catharsisours.blogspot.com)