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AppLabs confidential and restricted circulation 1
The Art of Testing Trading Platforms
23rd July 2008
Ravi Gurrapadi
AppLabs confidential and restricted circulation 3
Agenda
» Exchange/Trading Platform Overview» Key Challenges/Risks» Acceptance Criteria» Test Governance/Management» Functional Testing/Complex scenarios» Integration Testing» Performance Testing» Failover/Recovery Testing» Summary» Questions
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Typical Stock Exchange/ Trading Platform Overview
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Key Challenges/Risks» Business Challenges
» Developing complex trading scenarios & test cases
» To reflect real time trading
» Integrating different modules (Front, Middle and Back office functions)
» Compliance to evolving regulations like RegNMS, MiFID
» Building & maintaining the domain competence
» Technical Challenges
» Interaction of multiple systems through several interfaces and gateways
» Automation of the complex scenarios & interface gateways
» Performance testing to ensure acceptable levels of latency as per the SLAs
» Risks
» Business – changes in business model, rules & regulatory requirements, introduction of new products, down time (revenue lost), time to market
» Technology – risk of failure, new technology integration, legacy applications, migration to a new application, 3rd party application issues affecting your own system
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Acceptance Criteria
» Testing for core functionalities as specified in the functional requirements» User Management» Instrument Management» Quote/Order Management» Session Management» Trade Management» Risk Management» Compliance to Regulations
» Testing for agreed specifications as per SLAs» Performance» Security» Network» Reliability
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Governance Structure
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Test Governance/Management
» Major stakeholders» Client organization, development organization
» Management » Domain » Technical » Client's clients/vendors
» Adherence to agreements with all the stakeholders» Test Plans
» Deliverables» Schedule» Change management
» SLAs» Metrics» Escalation procedures
» Sub contracts
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Test Planning & Design
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Level 1 Business Process Flows
LIMIT
STOP LIMIT
DAYGTD / GTC
IsBUY / SELL
Is Price >= BO
BUY
Traded
ORDER BOOK
NO
Is Price<= BB
SELL
NO
YES
Is BUY / SELL
Is STOP Price > LTP
BO
Is Order Qty fully
filledYES
YES
Order traded partially routed to Order Book
NO
BUY RejectedNO
Is STOP Price < LTP
SELL
Order Book (Order in Passive)
Is STOP Price > LTP
Order elected
YES
BUYNOIs
STOP Price < LTPSELL
NO
NO
YES
YES
BB
YES
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Level 2 Test Scenarios
LIMIT
STOP LIMIT
DAYGTD / GTC
IsBUY / SELL
Is Price >= BO
BUY
Traded
ORDER BOOK
NO
Is Price<= BB
SELL
NO
YES
Is BUY / SELL
Is STOP Price > LTP
BO
Is Order Qty fully
filledYES
YES
Order traded partially routed to Order Book
NO
BUY RejectedNO
Is STOP Price < LTP
SELL
Order Book (Order in Passive)
Is STOP Price > LTP
Order elected
YES
BUYNOIs
STOP Price < LTPSELL
NO
NO
YES
YES
BB
YES
Test Scenario
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Level 2 Test Scenarios
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Level 3 Test Cases
Test Case
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Integration Testing/Interface Testing
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Performance Testing
» Response times are critical
» New generation systems have minimal latency
» Time is literally money
» Highly complex
» Multiple API’s and connections to external systems
» Need to performance test sub-systems
» Variety of scenarios
» Examples: day in life of, daily peaks, fast markets
» Soak tests for memory leaks, etc.
» Performance test data
» Huge volumes of test data required
» Needs to be generated and managed efficiently
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Failover/Recovery Testing
» Test system resilience to failure and the ability to continue to provide service during failure & recovery
» Test standard operating procedures to ensure they are robust and comprehensive
» Ensure recovery is with acceptable time scales and performance criteria
» Areas to cover:» Software (operating system, process and application)
» Hardware
» Power Failure
» Network
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Summary
» Stock Exchanges have inherent complexity in terms of business flow and business rules – testing is a critical element in ensuring business delivery
» Key areas of interest for stock exchanges:
» Increased volumes
» Speedy execution
» Effective surveillance to safeguard investor and market interest
» These go in as requirements to a trading application and the testing process to ensure the implementation is a business success
» Having a well tested application that doesn't fail in real time gives an edge over the competition – areas of failure in this area become public news
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Questions?
» For any questions following the presentation, then please e-mail [email protected]