Industry-Wide Business Continuity Test

Date

Saturday, October 25, 2025

Time

9:00am - 1:00pm ET

Registration Closed

Overview

The industry-wide business continuity test is a critical exercise that highlights our industry’s ability to operate through a significant emergency using backup sites, recovery facilities and backup communications capabilities across the industry. SIFMA urges all firms to participate in this important event.

The 2025 SIFMA industry test will be held on Saturday, October 25.

Registration for the 2025 test will open in July 2025.

For questions regarding the overall test, contact Charles De Simone.

2024 Schedule & Milestones

  • July 2024 – All Exchanges, Markets and Utilities identified, manner of participation and contact information provided
  • July 2024 – Registration opens for participants
  • September/October – Pre-Test period (dates to be posted as soon as available per each Exchange, Market or Utility)
    • Common pretest dates: 9/14/2024 (Primary) & 9/21/2024 (Secondary)
  • September 4, 2024 – Industry Test Entities Provide Scripts to Registered Test Participants
  • September 4, 2024, 3:00 p.m. – 4:00 p.m. ET – First Industry Test Participants and Providers Coordination Call
  • September 11, 2024, 3:00 p.m. – 4:00 p.m. ET – Second Industry Test Participants and Providers Coordination Call
  • September 24, 2024, 3:00 p.m. – 4:00 p.m. ET – Final Industry Test Participants and Providers Coordination Call
  • September 30, 2024 – Final Instructions Distributed to All Participants
  • October 5, 2024, 9:00 a.m. – 1:00 p.m. ET – SIFMA Industry Test

Components

Industry-wide tests follow a consistent format whereby firms submit test orders and transactions from their backup sites to markets and utilities.

The scope of participation for test entities is detailed in the Summary of Components document. The document is a spreadsheet that lists all participating test entities, the scope of their testing and what environment they are operating out of, points of contact for advance planning, and pretesting opportunities. This document is regularly updated over the summer and fall leading up to the test.

The test is supported by all major exchanges, markets and industry utilities.  The exercise involves test transactions for commercial paper, equities, options, futures, fixed income, settlement, payments, Treasury auctions and market data. On the same day, the Futures Industry Association (FIA) leads the futures test component.

SIFMA compiles and discloses aggregate test results (but not individual performance).

Reg SCI and the SIFMA Industry Test

Regulation SCI requires that each SCI entity designate members and participants to take part in an annual business continuity and disaster recovery plan test, and SIFMA facilitates a coordinated testing program for the industry as part of our business continuity planning and disaster recovery work. Reg SCI entities completed their testing requirements in parallel with the SIFMA industry test.

This presentation (pdf) outlines the difference between the two test programs and implications on how market participants approach this year’s testing programs.

The 2024 Reg SCI playbook is available for download, which provides an illustrative example of test structure and participants.

2023 Test Results

The 2023 SIFMA Industry Test and Reg SCI testing were successfully completed on October 14, 2023. Participants in the SIFMA test included approximately 100 securities firms and over 80 market exchanges, service providers, and infrastructure venues. During the test, approximately 1,110 communications connections were established between securities firms and banks and the exchanges, markets and utilities. Test transactions on these connections were successful 98% of the time. These results were generally comparable to prior tests. These results underscore the ability of the securities industry to operate through adverse conditions.

View 2023 Industry Test Results Summary

Archives

The Archives hold relevant documents from prior year’s industry-wide tests.