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The 2011 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 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 over 220 securities firms and 60 market organizations. During the test approximately 1570 communications connections were establish between securities firms and banks and the exchanges, markets and utilities. Test transactions on these connections were successful 95% 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.
In parallel with the SIFMA test on October 29, the Futures Industry Association led a backup site test of the futures exchanges and clients. The Futures test included 16 futures exchanges and clearing organizations. In the futures test, 62 clearing/non-clearing firms and 47 trading firms participated. 93% of these firms tested successfully.
Important Notes
ISE was not able to participate in the 2011 test due to a system upgrade conflict.
BATS equities and options added.
Bloomberg Tradebook and Bloomberg FXGO added to Foreign Exchange.
Direct Edge added to Equities.
Thomson Reuters RTFX added to FX.
Tullett Prebon IDB added to Fixed Income.
Test Day Instructions for Participants
Test Day Instructions contain specific information on conference calls, dashboards and procedures.
