Industry-Wide Business Continuity Test


Saturday, October 15, 2022


9:00am - 1:00pm ET


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 2022 test was held on Saturday, October 15. 

Please refer to the 2022 Industry Test Overview as well as other detailed information provided on this page and mark your calendar for the 2023 test, which will be held on Saturday, October 14.

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

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



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).

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.

2021 Test Results

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.

View 2021 Industry Test Results Summary