Final Reminder: 2025 SIFMA/FIA and Reg SCI BCP/DR Test

In coordination with other market centers, as part of the annual SIFMA/FIA industry test and in support of Regulation Systems Compliance and Integrity (SCI) and Cboe Futures Exchange, LLC (CFE) requirements, Cboe is scheduled to host its annual business continuity plan/disaster recovery (BCP/DR) test on Saturday, October 25, 2025. The following U.S.-based Cboe equities, options, and futures platforms will participate in this industry-wide event: BYX Exchange (BYX), BZX Exchange (BZX), EDGA Exchange (EDGA), EDGX Exchange (EDGX), BZX Options Exchange (BZX Options), Cboe Options Exchange (Cboe Options), C2 Options Exchange (C2 Options), EDGX Options Exchange (EDGX Options), and Cboe Futures Exchange (CFE). Please note this notice does not cover Cboe SEF or Cboe Digital.

As required by Regulation SCI and CFE Rule 513B, certain Members/Trading Permit Holders/Trading Privilege Holders (collectively, "Members") of each of the above Cboe equities, options, and futures trading platforms will have mandatory participation requirements in an annual DR test. Requirements for qualifying Members are based on the platform as defined in the SIFMA/FIA and Regulation SCI BCP/DR Test Plan. Non-qualifying Members are also encouraged to participate but will not be subject to any level of activity requirements during the test.

Members qualified for mandatory participation based on designation criteria, including executed volume measured during Q1 2025, are required to participate in the scheduled 2025 test as "Designated BCP/DR Participants." At least three (3) months prior to scheduled testing, Cboe provides notice to Designated BCP/DR Participants who have a mandatory participation requirement in the annual DR test. Designated BCP/DR Participants for 2025 were notified in Q2 2025.

Designated BCP/DR Participants will be required to connect to the secondary site of each designated Exchange and generate a meaningful amount of activity during the test. The required level of activity will be at least two (2) executions on each designated Exchange. Quote messages will not satisfy the execution requirements on their own, and executions may be either buy or sell. All symbols will be available for order entry, and participants should reference direct market data feeds or the consolidated feed(s) to source liquidity. The Cboe Trade Desk will also be available to support crossing orders, if needed. Members may contact [email protected] or [email protected] with designation questions. More information on designation criteria is provided in the SIFMA/FIA and Regulation SCI BCP/DR Test Plan located on the Cboe Options, Cboe Equities, and CFE Regulation webpages.

Participation in pre-tests is optional. However, Cboe highly encourages participation during available testing opportunities. Pre-tests are scheduled for Saturday, September 27, 2025, and Saturday, October 4, 2025. For the pre-test on September 27, 2025, the Cboe secondary sites will be available for connectivity testing only. For the pre-test on October 4, 2025, the Cboe secondary sites will be available for regular order entry, trading, and market data functions.

Secondary site ports in Chicago for BYX, BZX, EDGA, EDGX, BZX Options, Cboe Options, EDGX Options, C2 Options, and CFE are available for telnet testing at any time. Secondary site ports are also available for session level connectivity during normal trading hours. Orders submitted during trading hours outside of a DR scenario will result in rejects.

Details regarding the expected test schedule for the Cboe Equities markets, Cboe Options markets, and CFE (subject to adjustment with notice) are provided in the SIFMA/FIA and Regulation SCI BCP/DR Test Plan located on the Cboe Options, Cboe Equities, and CFE Regulation webpages.

More details can be found in the SIFMA/FIA and Regulation SCI BCP/DR Test Plan located on the Cboe Options, Cboe Equities, and CFE Regulation webpages.

The Cboe Trade Desk, CFE Trade Desk, and NOC will be available for support for the duration of all weekend test opportunities as well as during normal business hours. Cboe Compliance is available for questions about mandatory participation requirements during normal business hours.

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