Overview
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 2016 SIFMA Industry Test 
(August 30, 2016 Version)
SIFMA will be releasing materials for the 2017 test in mid-June.
For questions on the 2017, test please contact Charles De Simone at [email protected]
Overview of Test Results
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 establish 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.
Summary of Results
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.
SIFMA compiles and discloses aggregate test results (but not individual performance). For prior year's test results, please view our Archives.
Archives
The Archives hold relevant documents from prior year's industry-wide tests.
