The capital markets have undergone a transformation from physical exchanges to complex virtual electronic trading systems enabled by advances in technology and communication networks. This has increased cross-border capital flows and the variety of financial products available. Regulatory bodies now face greater challenges in overseeing increasingly large, complex, and globalized capital markets that rely heavily on technology. Specialized testing services with relevant domain expertise are needed to help mitigate emerging issues and improve efficiencies in these technology-reliant financial systems.

1. T r u s t
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The complex weave of Capital Markets
From coffee shops, carrier pigeons through buttonwoods, telegraph poles and the frenzied brick and mortar stock exchanges of
yesteryears, to the complex computer based virtual electronic trading screens of today, it has been a long and fascinating journey.
The winds of liberalization and globalization aided by the rapid growth of high speed communication networks over the past four
decades, has further accelerated this transformation of capital markets to dizzying heights, notwithstanding the intervening bubbles
and bursts.
Corporates have access to international financial centers thereby increasing cross-border flows of funds and securities dramatically.
Many new products have evolved and the shape and structure of capital markets is undergoing a paradigm shift. On the NYSE
alone, the average daily trading value was 153 billion USD in 2008 and the market capitalization stood at almost 12 Trillion USD in
2010.
Adding to the scale and complexity, the landscape is witnessing an increased reliance on exchange traded products including
certain OTC products like Interest Rate Swaps [IRS], Fx, etc. Risk management is being centralized at clearing corporations with
OTC products being cleared through Central Clearing Parties (CCP). Electronic trading, high frequency trading, tick-by-tick data and
low latency are made possible by cutting edge technologies. There is added pressure on achieving higher levels of Straight through
Processing (STP) to reduce cycle times.
Today technology provides the competitive edge enabling an array of differentiated service offerings, with exchanges claiming
response and transaction speeds in micro seconds. On one hand, when the world is shrinking into a unified global market, this
makes the role of regulatory bodies, such as ASIC in Australia, AMF in France, BaFin in Germany, RBI/SEBI in India, FCA in UK,
SEC in USA and many others, along with the attendant laws in the respective countries, ever more challenging in terms of Clearing
and Settlement. On the other hand, it is becoming abundantly clear that the increasing reliance on technology and business
assurance of such technologies alone could mitigate the emerging pain points and boost efficiencies
This underscores the imminent need for specialist testing services with relevant domain knowledge.

2. Competencies on offer
With a wide range of competencies in testing various applications
across the entire trade life cycle, in various functional areas, Thinksoft
Global Services Ltd (TGSL) is well placed to provide a whole gamut of
services suited to Capital Markets.
Asset classes addressed
• Equity {Exchange Traded Fund (ETF), and Securities Lending &
Borrowing}
• Derivatives (Futures & Options)
• Commodities (Inclusive of Implied order)
• Fixed Income
• Money Market
• Interest Rate Derivatives
• Forex
• Structured Products
Familiar message formats
• FIX (Financial Information Exchange)
• SWIFT (Society for Worldwide Interbank Financial
Telecommunication)
• Proprietary Messages
Projects
Domain Focus
• Requirement Assurance
• Financial Calculators {Ex. Limits Calculator, Indicative Opening
price (IOP) calculators, Brokerage and Commission
Calculator, etc}
• RBT: Risk Based Testing
Accelerators
• Ready to use Test Repositories of Scenarios, Functions, Sub
Functions, Conditions and Cases for many Capital Market
Segments.
• Testing Center of Excellence (TCoE) Framework and
Implementation Model
• Risk Prioritization Matrix
Automation
• ARTEMIS: The TGSL test automation framework
• PAVE: Parameter Verification Tool
• SPEAR: Methodology for Performance Testing
Applications Tested
TGSL has tested the above asset classes across various
types of projects:
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The TGSL advantage
Business Requirements Specifications Preparation
System Integration testing
User acceptance testing
Regression testing
Automation & Non Functional testing
Track record
TGSL’s Capital Market clientele includes
• Stock /Derivatives/Commodity Exchange – Domestic and
International
• Capital Market Product Companies
• Leading Global Brokerages
• Clearing and Settlement firms
• Registrar and Transfer Agency
• Depositories
• Asset Management Companies
• Wealth Management Firms
About Us
Thinksoft Global Services is an independent Business Assurance and Testing Specialist specifically
focused on the financial sector and with a global presence in APAC, the USA, Europe, Middle East
and India. With a track record of over 14 million person hours in testing, Thinksoft has delivery centers
in Chennai and Mumbai, supported by local offices in Bengaluru, New York, London, Dubai,
Singapore, Brussels and Sydney. Thinksoft is ISO 9001:2008 and ISO 27001:2005 certified and its
offshore test center at Chennai, India, is PCI:DSS compliant according to industry standards.
For more details visit, www.thinksoftglobal.com
• Neat, Neat +, Neat Pro
• Leading capital market solution provider - FO&Clg. &
Settlement Systems
• Syn~
• Stars
• NSDL-DPM
• Miles- MoneyWare FundWare
• AG | Capital
• Eurex
• ACE Trader (Commoditles)
• OFIS
• EMC Captiva
• EMC Documentum
• APX.MOXY & TRADEX
• FIdessa Latentzero Capstone Sentinel
• Hi Portfolio (DST Global)
•
Client Speak
During test preparation and execution, the Thinksoft team raised a
huge number of issues that helped significantly to improve the
software in their area of responsibility. They always discussed the
findings with superiors and team colleagues in an appropriate way
ensuring a high quality of issues raised and making them one of the
most successful contributing teams.
Project Manager
(A leading European Stock Exchange)
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