Industry-Wide Business Continuity Test Archives

As part of the ongoing financial industry backup site testing initiative that began in 2003, SIFMA leads an annual industry-wide business continuity test every October.

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

• 2023
• 2022
• 2021
• 2020
• 2019
• 2018
• 2017
• 2016
• 2015
• 2014
• 2013
• 2012
• 2011

OVERVIEW

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.

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 2023 Reg SCI playbook is available for download, which provides an illustrative example of test structure and participants.

• SIFMA Reg SCI Playbook (October 12, 2023)
• SIFMA Request to SEC for No Action Relief from Rule 1004 of Regulation SCI (February 25, 2019)
• SEC No Action Letter Responding to SIFMA Regarding the Annual Test Date for Reg SCI (February 26, 2019)

2023 SCHEDULE & MILESTONES

• July 2023 – All Exchanges, Markets and Utilities identified, manner of participation and contact information provided
• July 2023 – 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: 9/23/2023 (Primary) & 9/30/2023 (Secondary)
• August 30, 2023, 2:00 p.m. – 3:00 p.m. ET – Exchange, Utility & Service Provider Project Team Call
• September 6, 2023 – Industry Test Entities Provide Scripts to Registered Test Participants
• September 6, 2023, 2:00 p.m. – 3:00 p.m. ET – First Industry Test Participants and Providers Coordination Call
• September 19, 2023, 3:00 p.m. – 4:00 p.m. ET – Second Industry Test Participants and Providers Coordination Call
• October 4, 2023, 3:00 p.m. – 4:00 p.m. ET – Final Industry Test Participants and Providers Coordination Call
• October 9, 2023 – Final Instructions Distributed to All Participants
• October 14, 2023, 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).

• Summary of Components (10/10/2023) (xlsx)

OVERVIEW

The 2022 SIFMA Industry Test and Reg SCI testing were successfully completed on October 15, 2022. Participants in the SIFMA test included approximately 100 securities firms and 80 market organizations. 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.

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.

SIFMA and the Reg SCI entities developed a shared test playbook for the 2021 Reg SCI test as they have in prior years. The playbook outlines a common approach to the test across test entities, including a schedule for test day, test scope, shared principles for test outlines, and test symbols.

The 2022 Reg SCI Playbook is available for download:

• SIFMA Reg SCI PlayBook (October 11, 2022)
• SIFMA Request to SEC for No Action Relief from Rule 1004 of Regulation SCI (February 25, 2019)
• SEC No Action Letter Responding to SIFMA Regarding the Annual Test Date for Reg SCI (February 26, 2019)

2022 SCHEDULE & MILESTONES

• July 2022 – All Exchanges, Markets and Utilities identified, manner of participation and contact information provided
• August 2022 – 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: 9/24/2022 (Primary) & 10/1/2022 (Secondary)
• August 24, 2022, 3:00pm – 4:00pm ET – Exchange, Utility & Service Provider Project Team Call
• September 6, 2022 – Industry Test Entities Provide Scripts to Registered Test Participants
• September 7, 2022, 2:00pm – 3:00pm ET – First Industry Test Participants and Providers Coordination Call
• September 21, 2022, 3:00pm – 4:00pm ET – Second Industry Test Participants and Providers Coordination Call
• October 4, 2022, 3:00pm – 4:00pm ET – Final Industry Test Participants and Providers Coordination Call
• October 10, 2022 – Final Instructions Distributed to All Participants
• October 15, 2022, 9:00am – 1:00pm 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 which lists all participating test entities, those 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).

• Summary of Components (10/14/2022) (xlsx)

OVERVIEW

The 2021 SIFMA Industry Test and Reg SCI testing were successfully completed on October 23, 2021. Participants in the SIFMA test included approximately 100 securities firms and 80 market organizations. 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 99% 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.

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

SIFMA and the Reg SCI entities worked to develop a shared test playbook for the 2021 Reg SCI test as they have in prior years. The playbook outlines a common approach to the test across test entities, including a schedule for test day, test scope, shared principles for test outlines, and test symbols. The document is available below:

• Reg SCI Playbook (as of October 19, 2021)
• SIFMA Request to SEC for No Action Relief from Rule 1004 of Regulation SCI (February 25, 2019)
• SEC No Action Letter Responding to SIFMA Regarding the Annual Test Date for Reg SCI (February 26, 2019)

SCHEDULE & MILESTONES

• July 2021 – All Exchanges, Markets and Utilities identified, manner of participation and contact information provided
• August 2021 – 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: 9/25/2021 (Primary) & 10/2/2021 (Secondary)
• August 4, 2021, 4:00pm – 5:00pm EST – Exchange, Utility & Service Provider Project Team Call
• September 7, 2021 – Industry Test Entities Provide Scripts to Registered Test Participants
• September 8, 2021, 4:00pm – 5:00pm EST – First Industry Test Participants and Providers Coordination Call
• September 22, 2021, 4:00pm – 5:00pm EST – Second Industry Test Participants and Providers Coordination Call
• October 13, 2021, 4:00pm – 5:00pm EST – Final Industry Test Participants and Providers Coordination Call
• October 16, 2021 – Final Instructions Distributed to All Participants
• October 23, 2021, 9:00am – 1:00pm EST – 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 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, and the Investment Industry Association (IIROC) will also hold a test for Canadian market participants.

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

Summary of Components (10/2021) (xlsx)

OVERVIEW

The 2020 SIFMA Industry Test and Reg SCI testing were successfully completed on October 24, 2020. Participants in the SIFMA test included approximately 110 securities firms and 80 market organizations. During the test approximately 1,100 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.

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

SIFMA and the Reg SCI entities worked to develop a shared test playbook for the 2020 Reg SCI test as they have in prior years. The playbook outlines a common approach to the test across test entities, including a schedule for test day, test scope, shared principles for test outlines, and test symbols. The document is available below:

• Reg SCI Playbook (as of October 20, 2020)
• SIFMA Request to SEC for No Action Relief from Rule 1004 of Regulation SCI (February 25, 2019)
• SEC No Action Letter Responding to SIFMA Regarding the Annual Test Date for Reg SCI (February 26, 2019)

SCHEDULE & MILESTONES

• July 2020 – All Exchanges, Markets and Utilities identified, manner of participation and contact information provided
• August 2020 – 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: 9/26/2020 (Primary) & 10/3/2020 (Secondary)
• August 12, 2020, 4:00pm – 5:00pm EST – Exchange, Utility & Service Provider Project Team Call
• September 4, 2020 – Industry Test Entities Provide Scripts to Registered Test Participants
• September 9, 2020, 4:00pm – 5:00pm EST – First Industry Test Participants and Providers Coordination Call
• September 22, 2020, 4:00pm – 5:00pm EST – Second Industry Test Participants and Providers Coordination Call
• October 14, 2020, 4:00pm – 5:00pm EST – Final Industry Test Participants and Providers Coordination Call
• October 16, 2020 – Final Instructions Distributed to All Participants
• October 24, 2020, 9:00am – 1:00pm EST – 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 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 and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

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

Summary of Components (10/2020) (xlsx)

OVERVIEW

The 2019 SIFMA Industry Test and Reg SCI testing were successfully completed on October 26, 2019. Participants in the SIFMA test included approximately 110 securities firms and 80 market organizations. During the test approximately 1,100 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.

REG SCI AND THE SIFMA INDUSTRY TEST

Reg SCI entities will carry out their testing requirements on October 26, 2019 in parallel with the SIFMA industry test. The presentation below outlines the difference between the two test programs and implications how market participants approach this year’s testing programs.

Overview of SIFMA Industry Test vs. Reg SCI (July 5, 2016 Version)

SIFMA and the Reg SCI entities are working to develop a shared test playbook for the 2019 Reg SCI test as they have in prior years. This playbook will be released later in the summer of 2019. In the interim, please find as below as a reference the materials from 2018.

SIFMA, working together with the Reg SCI entities and its members, has developed a playbook for Reg SCI testing in 2017. The playbook outlines a common approach to the test across test entities, including a schedule for test day, test scope, shared principles for test outlines, and test symbols. The document is available below:

Reg SCI Playbook (as of October 22, 2019)

SIFMA Request to SEC for No Action Relief from Rule 1004 of Regulation SCI, Feb. 25, 2019 and SEC No Action Letter Responding to SIFMA Regarding the Annual Test Date for Reg SCI (pdf), Feb. 26, 2019

INDUSTRY TEST REGISTRATION

Please see below for detailed information on the test components used for execution.

The registration site includes new features to download all registrations you have made across all test entities, as well as to download all registration made by users across your firm, to aid in your internal; coordination. The registration platform includes the option to designate individuals as a pre-test contact who will receive information in advance of the test, as well as designating a test day contact.

Please see the 2019 overview presentation for additional details.

SCHEDULE & MILESTONES

The schedule for the 2019 industry test process will be released in Spring 2019, illustrative dates from the 2018 program are below.

• July 11, 2019 – All Exchanges, Markets and Utilities identified, manner of participation and contact information provided
• Late July, 2019 – Registration opens for participants
• August/September – Pre-Test period (dates to be posted as soon as available per each Exchange, Market or Utility)
  • Common pretest dates: 9/28/2019 & 10/5/2019
• August 8, 2019, 3:00pm – 4:00pm EST – Exchange, Utility & Service Provider Project Team Call
• September 4, 2019 – Industry Test Entities Provide Scripts to Registered Test Participants
• September 11, 2019, 4:00pm – 5:00pm EST – First Industry Test Participants and Providers Coordination Call
• September 26, 2019, 4:00pm – 5:00pm EST – Second Industry Test Participants and Providers Coordination Call
• October 16, 2019, 4:00pm – 5:00pm EST – Final Industry Test Participants and Providers Coordination Call
• October 18, 2019 – Final Instructions Distributed to All Participants
• October 26, 2019, 9:00am – 1:00pm EST – 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 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 and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

The Summary of Components for 2019 has been released. Please check back periodically as we continue to receive additional updates from test entities.

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

TEST COMPONENTS

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

2019 Summary of Components (as of 10/17/19) (xlsx)

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 and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

OVERVIEW

The 2018 Industry Test was held on Saturday, October 13, 2018 from 9:00am – 1:00pm EST.

The 2018 test followed the format of prior industry-wide tests where firms submit test orders and transactions from their backup sites to the markets and industry utilities. The test involved components for Equities, Options, Fixed Income, Clearing and Settlement Utilities, Market Data, Payment Systems, Treasury Auctions, Service Bureaus and FX. The exercise was supported by all major exchanges, markets and industry utilities. Participation in the test was voluntary and results for specific firms, exchanges, markets and utilities are retained in strict confidence by SIFMA.

Participants in the SIFMA test included 110 securities firms and 71 market organizations. During the test approximately 1,100 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.

REG SCI AND THE SIFMA INDUSTRY TEST

Reg SCI entities will carry out their testing requirements on October 13, in parallel with the SIFMA industry test. The attached presentation outlines the difference between the two test programs and implications how market participants approach this year’s testing programs.

Overview of SIFMA Industry Test vs. Reg SCI (July 5, 2016 Version)

SIFMA, working together with the Reg SCI entities and its members, has developed a playbook for Reg SCI testing in 2017. The playbook outlines a common approach to the test across test entities, including a schedule for test day, test scope, shared principles for test outlines, and test symbols. The document is available below:

Reg SCI Playbook (as of October 10, 2018)

SIFMA Request to SEC for No Action Relief from Rule 1004 of Regulation SCI, Feb. 25, 2019 and SEC No Action Letter Responding to SIFMA Regarding the Annual Test Date for Reg SCI (pdf), Feb. 26, 2019

INDUSTRY TEST REGISTRATION

Please see below for detailed information on the test components that will be used for execution.

The registration platform now includes the option to designate individuals as a pre-test contact who will receive information in advance of the test, as well as designating a test day contact. Please see the overview presentation for additional details.”

Registration closed as of October 9

SCHEDULE & MILESTONES

The schedule for the 2018 industry test process will be released in Spring 2018, illustrative dates from the 2017 program are below.

• July 10, 2018 – All Exchanges, Markets and Utilities identified, manner of participation and contact information provided
• July 24, 2018 – Registration opens for participants
• August/September – Pre-Test period (dates to be posted as soon as available per each Exchange, Market or Utility)
• August 8, 2018, 3:00pm – 4:00pm EST – Exchange, Utility & Service Provider Project Team Call
• August 31, 2018 – Industry Test Entities Provide Scripts to Registered Test Participants
• September 12, 2018, 4:00pm – 5:00pm EST – First Industry Test Participants and Providers Coordination Call
• September 19, 2018, 4:00pm – 5:00pm EST – Second Industry Test Participants and Providers Coordination Call
• October 4, 2018, 4:00pm – 5:00pm EST – Final Industry Test Participants and Providers Coordination Call
• October 5, 2018 – Final Instructions Distributed to All Participants
• October 13, 2018, 9:00am – 1:00pm EST – 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 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 and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

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

TEST COMPONENTS

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

2018 test components are available here (as of 10/08) (xlsx)

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 and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

Overview of 2017 Test Results

The 2017 test was held on Saturday, October 14, 2017 from 9:00am – 1:00pm EST.

The 2017 test followed the format of prior industry-wide tests where firms submit test orders and transactions from their backup sites to the markets and industry utilities.  The test involved components for Equities, Options, Fixed Income, Clearing and Settlement Utilities, Market Data, Payment Systems, Treasury Auctions, Service Bureaus and FX.  The exercise was supported by all major exchanges, markets and industry utilities. Participation in the test was voluntary and results for specific firms, exchanges, markets and utilities are retained in strict confidence by SIFMA.

Participants in the SIFMA test included 110 securities firms and 62 market organizations.  During the test approximately 1,100 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.

Reg SCI and the SIFMA Industry Test

Reg SCI entities will carry out their testing requirements on October 14, in parallel with the SIFMA industry test. The attached presentation outlines the difference between the two test programs and implications how market participants approach this year’s testing programs.

Overview of SIFMA Industry Test vs. Reg SCI (July 5, 2016 Version)

SIFMA, working together with the Reg SCI entities and its members, has developed a playbook for Reg SCI testing in 2017. The playbook outlines a common approach to the test across test entities, including a schedule for test day, test scope, shared principles for test outlines, and test symbols. The document is available below:

Reg SCI Playbook (October 2017)

Schedule & Milestones

• July 1, 2017 – All Exchanges, Markets and Utilities identified, manner of participation and contact information provided
• July 21, 2017 – Registration opens for participants
• August/September – Pre-Test period (dates to be posted as soon as available per each Exchange, Market or Utility)
• August 31, 2017  – Industry Test Entities Provide Scripts to Registered Test Participants
• August 16, 2017, 3:00pm – 4:00pm EST – Exchange, Utility & Service Provider Project Team Call
• September 7, 2017, 4:00pm – 5:00pm EST – First Industry Test Participants and Providers Coordination Call
• September 19, 2017, 4:00pm – 5:00pm EST – Second Industry Test Participants and Providers Coordination Call
• October 5, 2017, 4:00pm – 5:00pm EST – Final Industry Test Participants and Providers Coordination Call
• October 6, 2017 – Final Instructions Distributed to All Participants
• October 14, 2017, 9:00am – 1:00pm EST – 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 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 and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

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

Test Components

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

2017 test components are available here (xlsx)

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 and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

Overview of 2016 Test Results

The 2016 test was held on Saturday, October 15, 2016 from 9:00am – 1:00pm EST.

The 2016 test followed the format of prior industry-wide tests where firms submit test orders and transactions from their backup sites to the markets and industry utilities.  The test involved components for Equities, Options, Fixed Income, Clearing and Settlement Utilities, Market Data, Payment Systems, Treasury Auctions, Service Bureaus and FX. The exercise was supported by all major exchanges, markets and industry utilities.  Participation in the test was voluntary and results for specific firms, exchanges, markets and utilities are retained in strict confidence by SIFMA.

Participants in the SIFMA test included 110 securities firms and 63 market organizations.  During the test approximately 1,100 communications connections were established between securities firms and banks and the exchanges, markets and utilities.  Test transactions on these connections were successful 97% 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.

Reg SCI and the SIFMA Industry Test

2016 will be the first year in which Reg SCI entities carry out new testing requirements. Reg SCI testing will occur on October 15, in parallel with the SIFMA industry test. The attached presentation outlines the difference between the two test programs and implications how market participants approach this year’s testing programs
Overview of SIFMA Industry Test vs. Reg SCI (July 5, 2016 Version)

SIFMA, working together with the Reg SCI entities and its members, has developed a playbook for Reg SCI testing in 2016. The playbook outlines a common approach to the test across test entities, including a schedule for test day, test scope, shared principles for test outlines, and test symbols. The document is available below:
Reg SCI Playbook (October 2016)

Industry Test Registration

Registration for the 2017 industry test will open in mid-June 2017. We will notify prior test participants once registration has opened.

Please see below for detailed information on the test components that will be used for execution.

The registration platform now includes the option to designate individuals as a pre-test contact who will receive information in advance of the test, as well as designating a test day contact. Please see the overview presentation for additional details.”

Schedule & Milestones

SIFMA will be releasing the dates for the 2017 calls in mid-June.

• May 31, 2016 – All Exchanges, Markets and Utilities identified, manner of participation and contact information provided
• June 30, 2016 – Registration opens for participants
• August/September – Pre-Test period (dates to be posted as soon as available per each Exchange, Market or Utility)
• August 12, 2016  – Industry Test Entities Provide Scripts to Registered Test Participants
• August 30, 2016, 3:00pm – 4:00pm EST – Final Exchange, Utility & Service Provider Project Team Call
• September 13, 2016, 4:00pm – 5:00pm EST – First Industry Test Participants and Providers Coordination Call
• September 22, 2016, 2:00pm – 3:00pm EST – Second Industry Test Participants and Providers Coordination Call
• October 6, 2016, 2:00pm – 3:00pm EST – Final Industry Test Participants and Providers Coordination Call
• October 7 , 2016 – Final Instructions Distributed to All Participants
• October 15, 2016, 9:00am – 1:00pm EST – SIFMA Industry Test

Test Components

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

2016 test components are available here (xlsx).

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 and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

Overview of Test Results

The 2015 test was held on Saturday, October 24, 2015 from 9:00am – 1:00pm EST.

The 2015 test followed the format of prior industry-wide tests where firms submit test orders and transactions from their backup sites to the markets and industry utilities.  The test involved components for Equities, Options, Fixed Income, Clearing and Settlement Utilities, Market Data, Payment Systems, Treasury Auctions, Service Bureaus and FX.  The exercise was supported by all major exchanges, markets and industry utilities.  Participation in the test was voluntary and results for specific firms, exchanges, markets and utilities are retained in strict confidence by SIFMA.

Participants in the SIFMA test included 101 securities firms and 65 market organizations.  During the test approximately 1,053 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.

Schedule & Milestones

• May 30, 2015 – All Exchanges, Markets and Utilities identified, manner of participation and contact information provided
• June 15, 2015 – Registration opens for participants
• August 1, 2015 – All test scripts provided
• August/September – Pre-Test period (dates to be posted as soon as available per each Exchange, Market or Utility)
• August 27, 2015, 3:00pm – 4:00pm EST – Final Exchange, Utility & Service Provider Project Team Call
• September 10, 2015, 2:00pm – 3:00pm EST – Initial Industry Test Participants and Providers Coordination Call
• September 24, 2015, 2:00pm – 3:00pm EST – Second Industry Test Participants and Providers Coordination Call
• September 24, 2015 – Final Instructions Distributed to All Participants
• October 8, 2015, 2:00pm – 3:00pm EST – Final Industry Test Participants and Providers Coordination Call
• October 24, 2015, 9:00am – 1:00pm EST – SIFMA Industry Test

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 test components are available here (xls).

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 and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

Overview of 2014 Test Results

The 2014 test was held on Saturday, October 25, 2014 from 9:00am – 1:00pm EST.

The 2014 test followed the format of prior industry-wide tests where firms submit test orders and transactions from their backup sites to the markets and industry utilities.  The test involved components for Equities, Options, Fixed Income, Clearing and Settlement Utilities, Market Data, Payment Systems, Commercial Paper and FX.  The exercise was supported by all major exchanges, markets and industry utilities.  Participation in the test was voluntary and results for specific firms, exchanges, markets and utilities are retained in strict confidence by SIFMA.

Participants in the SIFMA test included 126 securities firms and 63 market organizations.  During the test approximately 1,056 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.

Test Presentation

Next year’s test will be held on Saturday, October 24, 2015 from 9:00am EST to 1:00pm EST.

This 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.

Overview Presentation on 2014 SIFMA Industry Test 

Test Scenario & Table Top Exercise (TTX)

In 2014, SIFMA will be adding a scenario to the Industry Test per the documents below. The scenario will be used both to support the connectivity test that will be run on Saturday, October 25th, and also for firms to participate in a distributed Table Top Exercise between October 1^st and  October 31^st to exercise their Business Continuity and Crisis Response Processes.  At the link below you will find some background on the test as of May 2014.

2014 Industry Test Changes and Table Top Exercise (TTX) Scenario

If your firm is interested in participating please sign-up via the registration system at the top of the page.  Please select the TTX tab and sign-up with your firm’s primary point of contact for the exercise.  That person will receive all the information regarding the test once published.  Below is a link to the exercise instructions for the TTX.  Please note the survey and scenario will not be posted to the website but only sent to the firm’s primary point of contact for the exercise.

Instructions for SIFMA Industry Test Table Top Exercise (TTX)

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 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 and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

Summary of Test Components (XLS)

Test Scripts from Exchanges, Markets and Utilities

Clearing and Settlement

• 2014 Script DTCC
• 2014 Script OMEGO

Equities

• 2014 Script Direct Edge EDGA
• 2014 Script Direct Edge EDGX
• 2014 Script CHX
• 2014 Script OTC Link ATS
• 2014 Script BATS BZX
• 2014 Script OTC Link ATS
• 2014 Script NASDAQ
• 2014 Script NYSE

Fixed Income

• 2014 Script Dealerweb
• 2014 Script Dealerweb
• 2014 Script MarketAxess
• 2014 Script BondDesk
• 2014 Script Tullett Prebon
• 2014 Script JPMC Clearing
• 2014 Script ICAP
• 2014 Script BNY Mellon Clearing
• 2014 Script Muni Center

Foreign Exchange

• 2014 Script Bloomberg
• 2014 Script CLS
• 2014 Script FXAll
• 2014 Script HotSpot

Market Data

• 2014 Script Market Data

Options

• 2014 Script CDCC
• 2014 Script BOX
• 2014 Script Montreal Exchange
• 2014 Script OCC
• 2014 Script ISE
• 2014 Script BATS Options
• 2014 Script CBOE
• 2014 Script NASDAQ Options
• 2014 Script NYSE Options
• 2014 Script MIAX

Payments

• 2014 Script Fedwire
• 2014 Script CHIPS
• 2014 Script SWIFT

Overview of 2013 Test Results

The 2013 test was held on Saturday, October 5, 2013 from 9:00am – 1:00pm EST.

The 2013 test followed the format of prior industry-wide tests where firms submit test orders and transactions from their backup sites to the markets and industry utilities. The test involved components for Equities, Options, Fixed Income, Clearing and Settlement Utilities, Market Data, Payment Systems, Treasuries, Commercial Paper and FX. The exercise was supported by all major exchanges, markets and industry utilities. Participation in the test was voluntary and results for specific firms, exchanges, markets and utilities are retained in strict confidence by SIFMA.

Participants in the SIFMA test included 128 securities firms and 62 market organizations. During the test approximately 985 communications connections were established between securities firms and banks and the exchanges, markets and utilities. Test transactions on these connections were successful 97% 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.

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 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 and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

Summary of Test Components (XLS)

Test Scripts from Exchanges, Markets and Utilities

Overview of 2012 Test Results

The 2012 test was held on Saturday, October 27, 2013 from 9:00am – 1:00pm EST.

The 2012 test followed the format of prior industry-wide tests where firms submit test orders and transactions from their backup sites to the markets and industry utilities.  The test involved components for Equities, Options, Fixed Income, Clearing and Settlement Utilities, Market Data, Payment Systems, Treasuries, Commercial Paper and FX.  The exercise was supported by all major exchanges, markets and industry utilities.  Participation in the test was voluntary and results for specific firms, exchanges, markets and utilities are retained in strict confidence by SIFMA.

Participants in the SIFMA test included 124 securities firms and 56 market organizations.  During the test approximately 744 communications connections were established between securities firms and banks and the exchanges, markets and utilities.  Test transactions on these connections were successful 97% 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.

2012 Summary Report (pdf)

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 test is supported by all major exchanges, markets and industry utilities.  The exercise involves test transactions for 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 and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

Summary of Test Components (XLS)

Overview of 2011 Test Results