Securities Group Gears up for Industry-Wide Tests
The securitization industry is preparing for an industry-wide series of voluntary tests that take place Saturday. Led by the Securities Industry and Financial Markets Association (SIFMA), the Futures Industry Association and the Financial Information Forum, the October 24th tests are part of an ongoing testing initiative in the securities industry. "The test will follow the format of prior industry-wide tests where firms submit test orders and transactions from their backup sites to the markets and utilities," SIFMA said in an alert. "The exercise will involve test transactions for equities, options, futures, fixed income, settlement and payments." The Business Continuity Planning test -- or BCP test -- is supported by all major exchanges, markets and industry utilities. SIFMA also said it will compile aggregate results of the test without revealing the individual performance of any participating organization. Write to Diana Golobay.