Professional Documents
Culture Documents
Coordinated by Securities Industry and Financial Markets Association and Financial Information Forum
TEST OVERVIEW
Test Date: Saturday, June 7, 2008 Objective: Exercise and verify the ability of firms, markets and utilities to operate through an emergency using backup sites, recovery facilities and backup communications capabilities across the industry This test will not simulate an outage in any specific geographic area. Instead, all firms will connect simultaneously from their backup business and technology sites to the markets and industry utilities This is a test of market connectivity that includes some processing interactions but is not a full test of internal systems of firms and exchanges
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TEST SCOPE
Test components
Equities DTCC FedWire Fixed Income Omgeo CHIPS Options Market Data SWIFT Derivatives
The 2008 test will include a simulated delayed opening of the equities and options markets at 10:00 a.m. Eastern Time Firms will transmit dummy orders to markets and receive simulated execution reports and will conduct certain settlement and payment interactions. Firms will conduct test transactions with payment systems. Firms will receive and verify market data through connections at their backup sites. SIFMA will compile and publish aggregate test results based on input from exchanges. Results for individual participants will remain strictly 3 confidential.
TEST FORMAT
An overall testing window will be open from 9:00 a.m. to 4:00 p.m. Eastern Time on 6/7. Individual exchanges and markets will announce their specific test windows. Equities and options markets will simulate a delayed opening at 10:00a.m. Eastern Time on 6/7. Exchanges and markets will provide time for pre-test setup on test day prior to the test windows. Firms will submit two orders for each of several designated symbols on each exchange/market using real symbols and real accounts. Firms will receive execution reports from the markets. Exchanges and markets may make their own specific modifications to the general test format.
TEST INSTRUCTIONS
Detailed documentation is posted on the SIFMA website at: http://www.sifma.org/services/business_continuity/html/industrytest08.shtml A link is available on the SIFMA.org home page. This site will be updated periodically as additional materials are finalized.
Participant instruction packages will include the following: 1. Test Overview (this presentation document) 2. Summary of Test Components 3. Test Scripts Package 4. Individual Instructions From Exchanges, Markets and Utilities (These will vary by exchange)
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Questions regarding the overall test plus Equities and Fixed Income: Howard Sprow (SIFMA) 212-618-0548, hsprow@sifma.org Questions regarding the Options component: Joe Pellegrini (OCC) 972-501-8290, jpellegrini@theocc.com Questions regarding the DTCC component: Anthony Pietanza (DTCC) 212-855-5682, apietanza@dtcc.com Questions regarding the Omgeo component: David Cutright (Omgeo) David.Cutright@omgeo.com Questions regarding Service Bureaus and the Market Data component: Arsalan Shahid (FIF) 212-422-8568, fifinfo@fif.com Questions regarding CHIPS: David LaFalce (The Clearing Houise) David.LaFalce@theclearinghouse.org Questions regarding FedWire: Carl Lundgren (NY Fed) carl.lundgren@ny.frb.org
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