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Monday, November 2, 2015

Equity Regulatory Alert #2015 - 5
Nasdaq Announces Regulation SCI BC/DR Testing

Category:

  • System Impact

Markets Impacted:

Contact Information:

Resources:

  • Links to rule filings will be posted soon

Regulation SCI requires that each SCI entity designate members/participants to take part in an annually scheduled Business Continuity and Disaster Recovery Plan test. While Nasdaq encourages all Members, Member Organizations, PSX Participants and Options Participants of its markets to participate in testing, each Nasdaq exchange will designate certain Members, Member Organizations, PSX Participants, and Options Participants, as applicable, that are required to participate in the annual Business Continuity and Disaster Recovery Plan test.

Pursuant to BX and Nasdaq Rules 1170 and PHLX Rule 926, Nasdaq’s exchanges have established standards for the designation of Members, Member Organizations, PSX Participants and Options Participants, as applicable, that are required to participate in the annual Business Continuity and Disaster Recovery Plan test as follows:

  • Nasdaq designates the top ten Members based on volume executed on the Exchange during the four calendar months immediately prior to Nasdaq’s announcement of the Business Continuity and Disaster Recovery Plan test date.

  • PHLX designates the top ten Options Participants based on volume executed on PHLX during the four calendar months immediately prior to PHLX’s announcement of the Business Continuity and Disaster Recovery Plan test date.

  • BX designates the top five Members based on volume executed on BX during the four calendar months immediately prior to BX’s announcement of the Business Continuity and Disaster Recovery Plan test date.

  • PSX designates the top five PSX Participants based on volume executed on each Exchange during the four calendar months immediately prior to PSX’s announcement of the Business Continuity and Disaster Recovery Plan test date.

  • NOM designates the top five Options Participants based on volume executed on NOM during the four calendar months immediately prior to NOM’s announcement of the Business Continuity and Disaster Recovery Plan test date.

  • BX Options designates the top five Options Participants based on volume executed on each Exchange during the four calendar months immediately prior to BX Options’ announcement of the Business Continuity and Disaster Recovery Plan test date.

Nasdaq will provide notice to the specific Members and Options Participants of its markets that are required to test at least six months prior to the Business Continuity and Disaster Recovery Plan test date to provide those Members, Member Organizations, PSX Participants, and Options Participants the necessary lead time to prepare for the required testing.

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