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 (April 4, 2016 Version)
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 (April 4, 2016 Version)
Industry Test Registration
Test Registration will open on June 23, 2016.
Please see below for a summary overview of the test and detailed information on the test components that will be used for execution.
Schedule & Milestones
- May 31, 2016 - All Exchanges, Markets and Utilities identified, manner of participation and contact information provided
- June 7, 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 8, 2016, 2:00pm - 3:00pm 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
- September 24, 2016 - Final Instructions Distributed to All Participants
- September 29, 2016, 2:00pm - 3:00pm EST - Final Industry Test Participants and Providers Coordination Call
- October 15, 2016, 9:00am - 1:00pm EST - SIFMA Industry Test
Industry-wide tests follow a consistent format whereby firms submit test orders and transactions from their backup sites to markets and utilities.
2015 test components are available here (xls). 2016 components will be posted in early June.
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.
The Archives hold relevant documents from prior year's industry-wide tests.