Software Testing in Market Infrastructures Iosif Itkin, Exactpro CEO and Co-Founder London 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 York Tysons 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 Colloquium See 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 exactpro exactpro Thank You https://www.linkedin.com/in/iosifitkin/ [email protected] +7 495 640 24 60