.jpg)
In coordination with other market centers and in support of Regulation SCI, BOX Exchange LLC (“BOX”) will be participating in the annual SIFMA BCP Test on Saturday, October 14, 2023.
Designated BCP/DR Participants
As required by Regulation SCI and BOX Rule 2100, certain BOX Participants are required to participate in an annual disaster recovery functional testing.[1] BOX will be leveraging the annual industry-wide SIFMA BCP Test and BOX specific Pre-Tests to fulfill this requirement. BOX has individually notified the Designated BCP/DR Participants who are required to participate in the SIFMA BCP Test and the BOX specific Pre-Test.
Designated BCP/DR Participants will be expected to submit quotes to the DR site during the test. The expected level of quote activity for each Designated BCP/DR Participant will be determined by BOX and communicated to the Designated BCP/DR Participant.
Previous Designated BCP/DR Participants are also encouraged to participate in the test and are strongly encouraged to register with SIFMA. Additional information regarding the industry-wide SIFMA BCP Test is available on the SIFMA web site at:
https://www.sifma.org/resources/general/industry-wide-business-continuity-test/
On Saturday, September 23, 2023 and Saturday September 30, 2023 all BOX Participants will be able to pre-test their connectivity to the BOX DR trading environment between 9:00 a.m. ET and 1:00 p.m. ET. BOX has individually notified the Designated BCP/DR Participants who are required to participate in the BOX specific Pre-Test.
- Connection via the Chicago POP (350 East Cermak - CH1) will be required as the NY4-Equinix POP will not be available for the BOX Pre-Test.
October 14, 2023 – Test Overview
- The following BOX services will be available for testing: SAIL, FIX, ATR, TMS and HSVF.
- Participants must submit orders and/or quotes to BOX.
- BOX will validate the receipt of these orders and/or quotes by sending an acknowledgment for each order/quote and trade/reject.
- Receipt of an order/quote or trade/reject acknowledgment will constitute a successful test.
- Connection via the Chicago POP (350 East Cermak - CH1) will be required as the NY4-Equinix POP will not be available for the test.
- CH1 HSVF Multicast lines must be targeted to receive the feed as NY4 lines will be inactive.
October 14, 2023 – Industry Wide Test
During the test, BOX will coordinate with SIFMA, the Options Clearing Corporation (“OCC”) and other option exchanges.
- Participants should operate as if it were a normal business day.
- Participants must use a trade date of Saturday, October 14, 2023.
- Participants must not connect to BOX prior to 9:00 a.m. ET.
- BOX market will be in pre-open from 9:00 a.m. to 9:30 a.m. ET.
- BOX market will open at 9:30 a.m. ET.
- Participants are asked to submit a minimum of 2 orders and/or quotes.
- Examples of available test instruments will be the options listed as of October 13, 2023 on CSCO (Cisco Systems), MSFT (Microsoft), GE (General Electric), BAC (Bank of America Corp), and F (Ford Motor) (see below).
- BOX will process trades and send execution/fill reports back to Participants.
- BOX will interact with OCC via the FIXML MQ channel.
- Participants are responsible to cancel all their GTC/GTD opened orders should they decide to send that type of order. BOX will not cancel any GTC/GTD opened orders.
Environment Settings and Configurations
- Participants will connect to the BOX disaster recovery environment using their normal production credentials (IP address-Port, IDs, usernames, passwords).
- Connection via the Chicago POP (350 East Cermak - CH1) will be required as the NY4-Equinix POP will not be available for the test.
Test Scripts
Test cases that are available to Participants during the test session are in the following symbols:
| Test Transaction | Transaction Type (Buy/Sell) | Symbol |
| 1 | B/S | CSCO |
| 2 | B/S | MSFT |
| 3 | B/S | GE |
| 4 | B/S | BAC |
| 5 | B/S | F |
Test Day Support Resources
Please contact BOX Market Operations Center at (866) 768-8845 or by email at BOXMOC@boxoptions.com for trading and technical support during the test.
Post Test
- Once the test is completed, Participants may email their test results to BOX at BOXMOC@boxoptions.com.
- Participants should purge all trades and orders/quotes sent during the test from their systems.
- The BOX production environment will be available for “normal” production operations on Sunday, October 15, 2023 at 10:30 a.m. ET.
Test Success Criteria
- As discussed above, a two-way communication between the Participant and BOX constitutes a successful SIFMA BCP Test.
- Two-way communication includes the Participant’s submission of all test transactions to BOX, followed by the receipt of order/quote acknowledgments, trade notification and/or reject messages from BOX.
- Participants should maintain documentation of test results and interactions.
- BOX will not maintain test results for Participants, nor will BOX certify the results of the SIFMA BCP Test.
Contact
Please contact the Market Operations Center at (866) 768-8845 or by e-mail at BOXMOC@boxoptions.com should you require additional information.
