The critical nature of 存’s role in the financial markets becomes most apparent in times of market stress or crises, when 存 has proven its ability to withstand turmoil and provide stability and resilience for the markets.
在三部分系列的最后一部分， 存:提供公共vnsr威尼斯城官网登入, we look back at several well-known crises through the lens of 存’s role and performance.
第一部分: 从纸质凭证到每年数万亿美元的证券
第二部分: 清算和结算的关键进展
9/11恐怖袭击
The epicenter of the 9/11 terrorist attack on the World Trade Center took place only blocks away from 存’s NYC headquarters at that time, 水街55号. 而华尔街的大部分公司被迫关闭, 存 opened the next day and employees spent four days and three nights at 水街55号, 帮助该行业恢复数千笔损失的交易. 存成功清算并结算1美元.在动荡的一周内，8万亿美元的证券交易, 使市场能够在下个星期一重新开盘. 吉尔米. 了很远, 存当时的主席, 他说这是“一个普通人做非凡事情的案例”.”
恐怖袭击造成了巨大的商业变化, completely transforming the industry’s understanding of business continuity and 存 helped lead that change. 袭击发生三周后, 存 presented its Board with the next generation of our business continuity plan, 结合从9/11事件中吸取的初步教训. 董事会批准了这项计划, demonstrating its understanding of the importance of business continuity planning for market infrastructure.
Amid the unprecedented turmoil that engulfed 存’s clients and the financial services sector in 2008, 存 continued to deliver the highest levels of risk management and reliability despite the chaos.
2008年金融危机
Amid the unprecedented turmoil that engulfed 存’s clients and the financial services sector in 2008, 存 continued to deliver the highest levels of risk management and reliability despite the chaos. It was one of the most challenging years, and one of the most successful, in 存’s history.
金融市场动荡不安, 存 successfully protected participants and the nation’s securities clearance and settlement system throughout the crisis, 尤其是在雷曼兄弟(Lehman Brothers)破产后的日子里. 存解决了5,000亿美元的股票风险敞口, 美国最大的vnsr威尼斯城官网登入公司清算案.S. history, without having to draw upon our other participants’ clearing fund deposits. 存 also leveraged its central role to help counteract misinformation and calm market unease. 雷曼兄弟的清算是复杂的, involved multiple asset classes and required a methodical approach to mitigate potential losses from outstanding trading obligations.
在雷曼破产的时候, 存’s rapid public correction of rumors that Lehman’s exposure in the credit default swaps (CDS) market could reach $400 billion—in fact, our 贸易信息仓库(TIW) records suggested Lehman’s net exposure was closer to $6 billion—significantly helped to calm the financial markets.
The TIW also successfully managed 11 credit events in the over-the-counter derivatives markets in 2008, 包括雷曼兄弟控股公司.比如，房利美、房地美和华盛顿互惠银行. Approximately $285 billion (in aggregate gross notional value) of CDS contracts were netted down to $12 billion in actual payments.
存 also helped steady the industry during the March bailout of Bear Stearns. 存支持贝尔斯登约150笔交易的转让,000份未平仓的CDS合约给多家摩根大通子公司, 大多数案件在周末的48小时内处理完毕, eliminating uncertainty in the market and operational risk for our participants.
在存功能的另一个例子中, NSCC took responsibility for all trades that participants had open with Bernard Madoff Investment Securities through December 12, 2008—the firm’s last trading day—and closed all those trades with no loss to participants firms.
在所有这些非同寻常的事件中，存处理了超过1美元.88万亿美元的证券交易在2008年没有中断.
在所有这些非同寻常的事件中，存处理了超过1美元.88万亿美元的证券交易在2008年没有中断.
骑士资本(2012)
在8月8日市场开盘后的头45分钟里. 1, 2012, Knight Capital lost $460 million when a technology glitch resulted in the transmission of a large number of erroneous trades to the NYSE and then to 存. 这个错误, 这让整个行业不寒而栗, had the potential to create chaos in the equity markets and negatively impact clients as Knight Capital lost about $10 million a minute.
四天的时间, 存与Knight Capital密切合作, our Board Risk Committee and our regulators to protect our clients and 存 from any potential losses, 同时也降低了系统性风险. In addition, we worked together with Knight Capital to manage settlement of the erroneous trades. The result of these efforts was a speedy resolution that averted a full-blown, cascading crisis and helped keep Knight Capital solvent in the days immediately following the crisis.
超级风暴桑迪(2012)
Superstorm Sandy devastated New York and the tri-state area and created unprecedented challenges for 存.
十月二十六日晚上. 28, 2012, millions of gallons of contaminated water overflowed the seawalls in lower Manhattan and filled the basement and sub-basements at 存’s headquarters at 水街55号, 淹没了存的主要证券库. 洪水造成了严重破坏，洒落了1人以上.7 million water-logged certificates and millions of other documents throughout the vault. 洪水迫使存搬出了大楼, 置换约2个,300名员工和公司的运营.
存的清算和结算活动, 然而, continued to operate without interruption during and after Sandy’s landfall. 依靠公司久经考验的业务连续性计划和程序, 存将关键处理和操作转移到其坦帕, 达拉斯和布鲁克林的站点.
两周后, teams of recovery experts trekked down five flights of stairs into the 存 vault to begin the largest and most expensive vault recovery ever undertaken. The securities were flash-frozen and shipped across the country in container trucks. As part of the recovery process the water was vaporized and the securities were exposed to radiation to sterilize them. 这些证券随后被运回存进行清理和对账. 6个月的10小时轮班，每周6天，99.9% of certificates were recovered and restored—an unprecedented $1 trillion vault recovery effort.
COVID-19 (2020)
存’s responsibilities have been magnified during the market volatility associated with the spread of the COVID-19 pandemic across the world. Trading activity flowing through 存 systems set record levels four times since mid-March. 3月12日, 存创下单日新纪录, 处理超过3.63亿笔股权交易, 比2008年金融危机最严重的时候高出15%. 19年2月的最后一天.30亿美元.S. 该股成交量为日均7股的两倍多.到2019年将达到1000亿股. 美国股市成交量最高的10天.S. 按名义交易量或交易计数计算的所有股票发生在2020年.
在每一次危机中, 在特殊情况下, 金融市场继续运转. Thanks to the heightened risk management standards required of Systemically Important Financial Market Utility (SIFMUs), 包括基于风险的保证金要求, 清算所资金充足，能够衡量风险敞口, 包括实时调整, 在公司倒闭的情况下保护市场稳定.