Markets Affected:
Products Affected:
Contact Details:
Key Information:
- The Security Information Processors (SIPs) for US equity markets, in collaboration with the National Market Plan Operating Committees, have set a Failover and Market Wide Circuit Breaker (MWCB) Testing Schedule.
- On the designated testing dates, both the SIAC and UTP SIPs for the CTA, OPRA, and UTP data services will engage in simulated exercises requiring a switch to the affected SIPs’ Secondary Recovery site, coupled with MWCB testing and an annual dedicated test focusing on MWCB.
- Testing will occur between 9:00 – 11:30 a.m. ET, with specific failover times kept confidential to mimic unanticipated real-time situations.
- Testing Schedule for 2025 is as follows:
- Saturday, April 5, 2025 (Failover; MWCB Level 1 & 2 Test #1)
- Saturday, July 26, 2025 (Failover; MWCB Level 1 & 2 Test #2)
- Saturday, September 13, 2025 (Dedicated MWCB Level 1, 2 & 3)
- Saturday, December 6, 2025 (Failover; MWCB Level 1 & 2 Test #3)
Announcement Details:
The Security Information Processors (SIPs) for US equity markets, together with the National Market Plan Operating Committees (CTA, OPRA & UTP), have released a Failover/MWCB Testing Schedule. The final test for 2024 is set for Saturday, December 7, 2024, between 9:00 – 11:30 a.m. ET.
What is the timeline for switchover?
To replicate an unforeseen real-time situation, specific switchover times will not be announced and may occur anytime between 9:30 – 11:30 a.m. ET. For the benefit of exchange participants testing and to give direct data recipients time to verify their processing, the SIPs (CTA, OPRA, and UTP) will perform switchover at different times.
Are direct data recipients required to participate in testing?
Direct data recipients are encouraged to take part in these scheduled weekend tests to ensure their internal processes are valid and confirm that the switchovers operate as intended within their systems. No changes are necessary for direct data recipients; they should simply monitor the data dissemination.
What should be expected from UTP data feeds during switchover?
Failures of primary site servers:
The UTP SIP will conduct simulated failures of quote and trade primary data center servers. Exchange participants should promptly reconnect to the secondary (backup) server that operates alongside the primary server within the primary data center.
Direct data recipients should not experience any interruption in data dissemination.
Failover to secondary data center scenario:
The UTP will transition its UTP Quote/Trade services to the secondary data center. Exchange participants must connect to the secondary data center for all input connections within 10 minutes of switchover.
Will there be Market Wide Circuit Breaker (MWCB) Testing?
Yes, during the Failover weekend tests, Market-Wide Circuit Breaker Decline Level Status messages (Category A Type C), including the Level 1 & Level 2 decline level values, will be sent over the UTP feeds. Additionally, Market-Wide Circuit Breaker Status (Category A Type D) messages, indicating Level 1 and Level 2 breaches, will be disseminated at random.
Once Market-Wide Circuit Breaker Decline Level Status messages are disseminated, listing exchanges are expected to produce Cross SRO trading action messages (Category A Type H) for all securities and not reopen for 15 minutes (for both Level 1 and Level 2). Following this 15-minute period for each Level 1 and Level 2 breach, trading in all securities is expected to resume. Because the functionality required for a Level 3 breach is to halt and not reinstate trading for all securities for the rest of the trading day, Level 3 testing will not take place as part of this test.
To fully assess the functionality of MWCB, one dedicated MWCB test will occur annually, covering all three breach levels. This test will include a start-of-day assessment to simulate the reopening after a Level 3 breach.
Testing Schedule for 2024:
Both the SIAC and UTP SIPs will partake in simulated failover/MWCB scenarios on the following Saturdays:
- Saturday, April 6, 2024 (Failover; MWCB Level 1 & 2 Test #1)
- Saturday, July 20, 2024 (Failover; MWCB Level 1 & 2 Test #2)
- Saturday, September 7, 2024 (Dedicated MWCB Level 1, 2 & 3)
- Saturday, December 7, 2024 (Failover; MWCB Level 1 & 2 Test #3)
Whom should I contact for more information?
