Software Testing in Market Infrastructures

Iosif Itkin, Exactpro CEO and Co-FounderLondon Stock Exchange Group

Contents

- Market Infrastructures

- Software Testing

- Partnership and Collaboration

Trading Systems Typology

1. Traders 2. Brokers 3. Execution Venues

Trading Systems Typology

1. Traders 2. Brokers 3. Execution Venues

4. Trading Platforms Providers

Trading Systems Typology

1. Traders 2. Brokers 3. Execution Venues

4. Trading Platforms Providers

5. Software Testers

What are Market Infrastructures

What are Market Infrastructures

What are Market Infrastructures

Capital Markets

LSEG operates a broad range of international equity, ETF, bond and derivatives markets,

including London Stock Exchange; Borsa Italiana; MTS (Europe's leading fixed income market);

and Turquoise (a pan-European equities MTF)

Post Trade

February 1995 - Following the discovery of substantial trading losses on overseas the house account closed out at a

gross loss of approximately £6k, compared with total margin cover held by LCH of approximately £11m

September 2008 - LCH successfully resolved $9 trillion of Lehman Brothers OTC interest rate swap defaults

Information Services

Society needs information about prices. Through FTSE Russell, the Group is a global leader in financial indexing, benchmarking and analytic services with

approximately $10 trillion benchmarked to its indexes. The Group also provides customers with an extensive range of real time and reference data

products, including SEDOL, UnaVista, and RNS.

Sector Specifics

Quality Impact

Software Development Life Cycle

DevOps

Fair Markets

Fair Markets

Non-Functional Testing

Hundreds of millions of orders per day

Micro-bursts with thousands of transactions within milliseconds

Latencies 3,000 times faster than the blink of an eye…

…and equal to time it takes a flying passenger jet to cover the

distance of 2.5 cm

Crowd Testing – Legal Requirement

Models and Agents

The Minirobots tool, developed with the idea of simulating real traders' behaviour in mind, is able to make decisions under specific market conditions in

a common fashion, but at the same time has a certain degree of autonomy. Depending on what the testing needs are, each of the robots can act

independently or jointly executing a particular trading strategy or simply replaying a stored list of orders.

Market Surveillance

Fraud detection - prevent market manipulation, money laundering and other illegal activities.

Technical stability and search for possible software defects.

Software Defects Big Data

- automatic defect fixing

- automatic defect detection

- metrics and predictions of defect reports

- quality of defect reports

- triaging defect reports

Requirements

& Code

Bugs

London Stock Exchange Group

• A leading diversified international exchange and infrastructure group with assets across the entire exchange value chain

• The Group can trace its history back to 1698

• Headquartered in the United Kingdom, with significant global operations, the Group employs approximately 3,500 people

• Post trade and risk management services are a significant part of the Group’s business operations

• Through FTSE Russell, the Group is a global leader in financial indexing, benchmarking and analytic services with

approximately $10 trillion benchmarked to its indexes

Open Access Software Testing

• A specialist firm focused on functional and non functional

testing of systems that process wholesale financial products,

particularly market infrastructures

• A UK company with operations in the US and four QA &

software development centres in Russia

• Part of London Stock Exchange Group as of May 29, 2015

• Incorporated in 2009 with 10 people, our company has

experienced significant growth as satisfied clients require

more services; now employing over 450 specialists

Global Client Network

Toronto

New YorkTysons Corner

Montreal

Portland

Seattle

Dubai

Colombo

Johannesburg

Sydney

Singapore

Hong Kong

Moscow

Oslo

Paris

Milan

Vienna

London Amsterdam

A UK company with operations in the US and four QA &

software development centres in Russia

Part of LSEG Since May 29, 2015

Incorporated in 2009 with 10 people, our company has

experienced significant growth as satisfied clients require

more services;

Now employing over 450 specialists

AIST

AIST

THE 6TH INTERNATIONAL CONFERENCE ON

ANALYSIS OF IMAGES, SOCIAL NETWORKS,

AND TEXTS

July 27 - 29, 2017

SYRCoSE

SYRCoSE Software

Engineering ColloquiumSee more:

http://syrcose.ispras.ru/

EXTENT

The seventh EXTENT conference will be held in

London, UK .

Find out more:

www.extentconf.com– Trading Technology and Quality Assurance

– Risk controls and FPGA

– Market Surveillance systems

– Blockchain and trading technology trends

– Artificial intelligence

TMPA

Questions & Answers

exactpro_llc

exactpro

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Thank You

https://www.linkedin.com/in/iosifitkin/

extent@exactpro.com

+7 495 640 24 60