Is the DTCC being paranoid? According to some of its members, it plainly is.
The US clearing and settlements corporation rang round its members in March in a panic with a list of securities that fall under the legislation that imposes sanctions on Cuba. These, the DTCC said, had been transacted through several of its members.
The corporate bonds and stock in question, however, had been issued on Cuban companies before the US imposed an economic embargo on its Caribbean neighbour in 1962; in some cases they dated back to the 1920s.
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