Industry-Wide Business Continuity Test

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 2025 SIFMA industry test was successfully held on Saturday, October 25.

View the press statement issued upon completion of the test.

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

2025 Industry Test Overview

• July 2025 – All Exchanges, Markets and Utilities identified, manner of participation and contact information provided
• August 2025 – 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: 9/27/2025 (Primary) & 10/05/2025 (Secondary)
• September 14, 2025 – Industry Test Entities Provide Scripts to Registered Test Participants
• September 11, 2025, 3:00 p.m. – 4:00 p.m. ET – First Industry Test Participants and Providers Coordination Call
• September 22, 2025, 3:00 p.m. – 4:00 p.m. ET – Second Industry Test Participants and Providers Coordination Call
• October 15, 2025, 3:00 p.m. – 4:00 p.m. ET – Final Industry Test Participants and Providers Coordination Call
• October 20, 2025 – Final Instructions Distributed to All Participants
• October 25, 2025, 9:00 a.m. – 1:00 p.m. 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 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 (10/09/2025) (xlsx)

Summary of Components

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 2024 Reg SCI playbook is available for download, which provides an illustrative example of test structure and participants.

• SIFMA Reg SCI Playbook (September 26, 2024)
• 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)

Overview of SIFMA Industry Test vs. Reg SCI

2024 Reg SCI Playbook

The 2024 SIFMA Industry Test and Reg SCI testing were successfully completed on October 5, 2024. 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 approximately 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.

View 2024 Industry Test Results Summary

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

• 2024 Industry-Wide Business Continuity Test
• 2023 Industry-Wide Business Continuity Test
• 2022 Industry-Wide Business Continuity Test
• 2021 Industry-Wide Business Continuity Test
• 2020 Industry-Wide Business Continuity Test
• 2019 Industry-Wide Business Continuity Test
• 2018 Industry-Wide Business Continuity Test
• 2017 Industry-Wide Business Continuity Test
• 2016 Industry-Wide Business Continuity Test
• 2015 Industry-Wide Business Continuity Test
• 2014 Industry-Wide Business Continuity Test
• 2013 Industry-Wide Business Continuity Test
• 2012 Industry-Wide Business Continuity Test
• 2011 Industry-Wide Business Continuity Test