EXTENT-2016: Software Testing & Trading Technology Trends
22 June, 2016, 10 Paternoster Square, London
MiFID 2 Requirements for testing and business clocks
Dr. Sandra Bramhoff, Senior VP, Deutsche Börse
Would like to know more?
Visit our website: extentconf.com
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#extent2016
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Technical User Group
Paris, 6 October 2016
Agenda
• Introduction
• London Stock Exchange Derivatives Market & IDEM - New Version for SOLA
• London Stock Exchange Group - GTP Updates
• Borsa Italiana - MIT R9.0 (incl. RFQs)
• London Stock Exchange / Turquoise Equities - MIT R9.1 (incl. RFQs)
• London Stock Exchange Group – TRADEcho
• London Stock Exchange - MITCH Decommissioning
• Exactpro - Overview
• Q & A Session
Reconciliation Testing Aspects of Trading Systems Software FailuresIosif Itkin
Предварительный сборник трудов 8-ого весеннего/летнего коллоквиума молодых исследователей в области программной инженерии (SYRCoSE 2014) в Санкт-Петербурге - ISBN 978-5-91474-020-4, c. 125-129
Anna-Maria Kriger, Kostroma State Technological University
Alyona Pochukalina, Obninsk Institute for Nuclear Power Engineering
Vladislav Isaev, Yuri Gagarin State Technical University of Saratov
Exactpro Systems
EXTENT-2015: MiFID II Projected Impact on Trading TechnologyIosif Itkin
MiFID II / MiFIR: Projected Impact on Trading Technology and QA Challenges
Pavel Sigov, Exactpro, Moldova
11 Nov 2015
EXTENT Trading Technology Trends & Quality Assurance Conference in St.Petersburg, Russia
Technical User Group
Paris, 6 October 2016
Agenda
• Introduction
• London Stock Exchange Derivatives Market & IDEM - New Version for SOLA
• London Stock Exchange Group - GTP Updates
• Borsa Italiana - MIT R9.0 (incl. RFQs)
• London Stock Exchange / Turquoise Equities - MIT R9.1 (incl. RFQs)
• London Stock Exchange Group – TRADEcho
• London Stock Exchange - MITCH Decommissioning
• Exactpro - Overview
• Q & A Session
Reconciliation Testing Aspects of Trading Systems Software FailuresIosif Itkin
Предварительный сборник трудов 8-ого весеннего/летнего коллоквиума молодых исследователей в области программной инженерии (SYRCoSE 2014) в Санкт-Петербурге - ISBN 978-5-91474-020-4, c. 125-129
Anna-Maria Kriger, Kostroma State Technological University
Alyona Pochukalina, Obninsk Institute for Nuclear Power Engineering
Vladislav Isaev, Yuri Gagarin State Technical University of Saratov
Exactpro Systems
EXTENT-2015: MiFID II Projected Impact on Trading TechnologyIosif Itkin
MiFID II / MiFIR: Projected Impact on Trading Technology and QA Challenges
Pavel Sigov, Exactpro, Moldova
11 Nov 2015
EXTENT Trading Technology Trends & Quality Assurance Conference in St.Petersburg, Russia
EXTENT-2016: MiFID 2 Compliant Fixed Income SOR SystemIosif Itkin
EXTENT-2016: Software Testing & Trading Technology Trends
22 June, 2016, 10 Paternoster Square, London
MiFID 2 Compliant Fixed Income SOR System
Ferdinando La Posta, Co-founder and CEO, GATElab
Would like to know more?
Visit our website: extentconf.com
Follow us:
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https://twitter.com/exactpro
#extent2016
#exactpro
Reconciliation Testing Aspects
Elena Moiseeva, QA, Exactpro
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
Millennium Surveillance™ – Achieving Excellence
Anton Kryukov,Exactpro
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
EXTENT-2015: A Test Harness for Algo Trading Systems Iosif Itkin
A Test Harness for Algo Trading Systems
Victoria Leonchik, Exactpro
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
Tradecope - Low-Latency Solution for Algorithmic and High Frequency Trading
Milan Dvorak, Netcope Technologies
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
EXTENT-2015: The Four Essential Elements of LSEG QA SolutionsIosif Itkin
The Four Essential Elements of LSEG QA Solutions
QA, Exactpro
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
EXTENT-2016: Key Challenges and Lessons Learned from Testing a New Trading Sy...Iosif Itkin
EXTENT-2016: Software Testing & Trading Technology Trends
22 June, 2016, 10 Paternoster Square, London
Key Challenges and Lessons Learned from Testing a New Trading System
Dr. Matthias Burghardt, Head of Business Development, Boerse Stuttgart
Would like to know more?
Visit our website: extentconf.com
Follow us:
https://www.linkedin.com/company/exactpro-systems-llc?trk=biz-companies-cym
https://twitter.com/exactpro
#extent2016
#exactpro
FinfraG: Opportunities & Challenges for Global Trading PlatformsCognizant
The Swiss Financial Market Infrastructure Act (FMIA), commonly known by its German name, FinfraG, spells out regulations for global derivative trading platforms and central clearing parties, including reporting, clearing, platform trading and risk mitigation. The act also incorporates laws pertaining to insider information/market abuse and shareholdings/public offers.
EXTENT-2016: MiFID 2 Compliant Fixed Income SOR SystemIosif Itkin
EXTENT-2016: Software Testing & Trading Technology Trends
22 June, 2016, 10 Paternoster Square, London
MiFID 2 Compliant Fixed Income SOR System
Ferdinando La Posta, Co-founder and CEO, GATElab
Would like to know more?
Visit our website: extentconf.com
Follow us:
https://www.linkedin.com/company/exactpro-systems-llc?trk=biz-companies-cym
https://twitter.com/exactpro
#extent2016
#exactpro
Reconciliation Testing Aspects
Elena Moiseeva, QA, Exactpro
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
Millennium Surveillance™ – Achieving Excellence
Anton Kryukov,Exactpro
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
EXTENT-2015: A Test Harness for Algo Trading Systems Iosif Itkin
A Test Harness for Algo Trading Systems
Victoria Leonchik, Exactpro
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
Tradecope - Low-Latency Solution for Algorithmic and High Frequency Trading
Milan Dvorak, Netcope Technologies
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
EXTENT-2015: The Four Essential Elements of LSEG QA SolutionsIosif Itkin
The Four Essential Elements of LSEG QA Solutions
QA, Exactpro
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
EXTENT-2016: Key Challenges and Lessons Learned from Testing a New Trading Sy...Iosif Itkin
EXTENT-2016: Software Testing & Trading Technology Trends
22 June, 2016, 10 Paternoster Square, London
Key Challenges and Lessons Learned from Testing a New Trading System
Dr. Matthias Burghardt, Head of Business Development, Boerse Stuttgart
Would like to know more?
Visit our website: extentconf.com
Follow us:
https://www.linkedin.com/company/exactpro-systems-llc?trk=biz-companies-cym
https://twitter.com/exactpro
#extent2016
#exactpro
FinfraG: Opportunities & Challenges for Global Trading PlatformsCognizant
The Swiss Financial Market Infrastructure Act (FMIA), commonly known by its German name, FinfraG, spells out regulations for global derivative trading platforms and central clearing parties, including reporting, clearing, platform trading and risk mitigation. The act also incorporates laws pertaining to insider information/market abuse and shareholdings/public offers.
European Market Infrastructure RegulationITC Infotech
The EMIR rules have been designed to reduce counterparty and systemic risks in OTC trading, standardize OTC derivative contracts and enhance transparency. This paper aims to look at the impact of the regulation on derivatives market participants from their business operat ions and technology landscape.
This is not meant to be an exhaustive guide, rather it is a guide for executives who need to come up to speed quickly on MiFiD II and its effective implementation
The purpose is to make MiFiD II simple so that executives can develop a thought framework by understanding at a high level:
the legislation and what it wants to achieve
the likely impact and what needs to be done
Potential steps necessary to mobilise effective delivery
From this, provide an ability to formulate a view and ask the right questions on MiFiD II delivery. This should not be regarded as a comprehensive guide to this complex legislation.
We have more than 20 years of experience in designing, advising and implementing solutions as well as providing content and services for a wide repertoire of domestic and global clients across diverse sectors.
Contract Automation and Compliance Digitization: A Financial Services Company...Apttus
In the heavily regulated Financial Services industry, contracts are not only complex and “data heavy”, but also drive compliance with regulatory authorities. Global operations add to the challenge, creating a need to standardize and streamline contract management processes. Join this session to learn about Fitch Ratings’ success in automating their global Contract Lifecycle Management processes using Apttus to drive digitization, compliance and accuracy.
Within this complexity and broad scope, financial institutions need to start assessing impacts to determine efforts, budgets, roadmaps and ensure that their strategy and organization are aligned for compliance by January 2017
Code Breakdown_ Navigating Crypto Trading Turbulence with Resilient Automatio...ShubhamKumar758510
In the fast-paced world of cryptocurrency trading, automated trading systems have become indispensable tools for traders seeking to capitalize on market opportunities with speed and precision. However, as with any technology-driven endeavor, technical glitches and outages can occur, posing significant challenges for traders relying on automated systems. In this blog post, we’ll explore strategies for surviving technical glitches and outages in crypto automated trading, helping traders navigate stormy waters and emerge stronger on the other side.
Foundations of Software Testing Lecture 4Iosif Itkin
This lecture is a part of the online course on Software Testing for Complex Intelligent Systems and Autonomous Vehicles. The course lectures provide the theoretical basics of testing autonomous systems based on artificial intelligence.
The fourth lecture of the course entitled Foundations of Software Testing reviews the ‘absence-of-errors fallacy’ and other principles of software testing, as well as the types and levels of software testing. The lecture also provides a fuller picture of the understanding of test objectives and methodologies by different schools of thought within the software testing domain.
QA Financial Forum London 2021 - Automation in Software Testing. Humans and C...Iosif Itkin
Speaker: Iosif Itkin, co-CEO & co-founder, Exactpro Systems
9th November 2021
Hilton Canary Wharf
Exactpro is an independent software testing business focused on mission-critical financial market infrastructures, primarily exchanges and clearing houses. In his presentation, Iosif will give a brief overview of research on the concept of model-based testing and the principal challenges of its application while testing complex distributed systems. He will also outline the broader context of interaction between humans and complex computer models.
Exactpro FinTech Webinar - Global Exchanges Test OraclesIosif Itkin
Global Exchanges series webinar to discuss Test Oracles. A test oracle is a mechanism for determining whether a test has passed or failed. The use of oracles involves comparing the output(s) of the system under test for a given test-case input, to the output(s) that the oracle determines the product should have. We will review various types of test oracles using examples from Exactpro’s Global Exchanges division projects and protocol-based interactions in trading systems.
Exactpro FinTech Webinar - Global Exchanges FIX ProtocolIosif Itkin
Exactpro’s Global Exchanges Division training session on FIX Trading Protocol.
The essence of the FIX protocol and its place in the overall structure of network protocols, FIX message attributes and the internal data types of the protocol.
Operational Resilience in Financial Market InfrastructuresIosif Itkin
A4Q World Congress 13-16 April 2021
Iosif Itkin
Exactpro provides independent software testing services for mission critical technology that underpins global financial markets – exchanges and clearing houses. Half of the top 20 global exchange groups on all continents around the globe rely on processes, platforms and people from Exactpro to improve their quality and reliability. The company has spent the last 11 years studying operational resilience in this crucial sector. The presentation will outline the key principles for software testing of the systems that process hundreds of millions of orders per day with roundtrip latencies below one hundred microseconds.
20 Simple Questions from Exactpro for Your Enjoyment This Holiday SeasonIosif Itkin
Warmest wishes for a happy holiday season and a wonderful New Year!
We look forward to our continued collaboration in 2020. Thank you for your support.
QA-Financial Forum 2019 in New York
13 November
Iosif Itkin, CEO and co-founder
Elena Treshcheva, Business Development Manager and Researcher
An October 2019 survey by BoE and FCA found that ML in financial organizations has already passed an initial development phase, and the usage of live ML applications is about to dramatically increase over the next three years. Artificial Intelligence systems are used in market surveillance, they are providing intellectual analysis of news feeds, and they are an important part of the conversational agents facing users and helping them with their business needs from identity verification to trading and portfolio management. How to ensure that an AI-powered system is up to its task? And what would that mean from the software testing perspective?
EXTENT 2019: Exactpro Quality Assurance for Financial Market InfrastructuresIosif Itkin
On Complex Software Systems Testing — Alexey Zverev, co-CEO & co-founder, Exactpro
Software Testing and Machine Learning
Mind the Gap. Applying Process Mining
Learning from Failure is not just for Humans
Dancing with Whales. Adaptive Log Classification System
On Traceability and the Illusion of Control
Building Partnerships
Demystifying DLT Testing One Network at a Time
Get the MOST from FIX
Georgia on My Mind
Build Software to Test Software — Iosif Itkin, co-CEO & co-founder, Exactpro
ClearTH Test Automation Framework: Case Study in IRS & CDS Swaps Lifecycle Mo...Iosif Itkin
Synchronize Europe
18th June 2019
Iosif Itkin, co-CEO and co-founder, Exactpro
Using the ISDA CDM Swaps application, simultaneously execute multiple end-to-end scenarios for DAML applications in capital markets - validate with actual contract data on ledger.
EXTENT Talks 2019 Tbilisi: Failover and Recovery Test Automation - Ivan ShamraiIosif Itkin
Ivan Shamray, Senior NFT Analyst, Exactpro
20 April 2019 EXTENT Talks, Tbilisi, Georgia
Tbilisi QA Community
EXTENT Talks is a meeting place for IT specialists working in various industries and seeking professional growth, practitioners from IT firms, as well as Quality Assurance enthusiasts of all backgrounds interested in actively participating in local IT events.
EXTENT Talks QA Community Tbilisi 20 April 2019 - Conference OpenIosif Itkin
EXTENT Talks is a meeting place for IT specialists working in various industries and seeking professional growth, practitioners from IT firms, as well as Quality Assurance enthusiasts of all backgrounds interested in actively participating in local IT events. The first EXTENT Talks were held in Tbilisi on 22 February 2019, initiating the creation a QA Community in Tbilisi and laying a foundation for an international platform for exchanging experience and knowledge in the field of software testing, development and IT. The program of the inaugural event included presentations on ISTQB, Software Testing, and Agile methodology from senior specialists. The next EXTENT Talks in Tbilisi will take place on 20 April 2019.
User-Assisted Log Analysis for Quality Control of Distributed Fintech Applica...Iosif Itkin
The First IEEE International Conference On Artificial Intelligence Testing (2019 IEEE AITest)
Iosif Itkin, Anna Gromova, Anton Sitnikov, Elena Treshcheva, Rostislav Yavorskiy, Evgenii Tsymbalov, Andrey Novikov and Kirill Rudakov
1 Exactpro, UK, Georgia, USA, Russia
2 Skolkovo Institute of Science and Technology, Russia
3 Higher School of Economics, Russia
Speakers: Iosif Itkin, CEO and Co-Founder and Elena Treshcheva, Business Development Manager and Researcher - Exactpro
Exactpro provides software testing services for mission-critical technology that underpins global financial markets. Exactpro clients are regulated by FCA, Bank of England and their counterparts from other countries. During this session, Elena and Iosif will talk about end-to-end software testing for post-trade systems in financial market infrastructures. What are the key challenges in quality assurance at this scale? What kind of cognitive biases affect SDLC? How precise is the knowledge about the systems under test? What constitutes good test evidence? How to deal with complexity in regulated environments?
Behaviour Driven Development: Oltre i limiti del possibileIosif Itkin
The QA Financial Forum: Milan 2019
23 January at the Excelsior Hotel Gallia.
Anna-Maria Lukina, Exactpro Business Development Director
The QA Financial Forum: Milan is one of the leading fintech conferences in Italy. The event focuses on the latest achievements in software risk management and automation of software testing. The predominant theme of the Milan event will be Quality Assurance for the entire Software Development Life Cycle (SDLC).
The topics under discussion will feature:
- Technologies for Automation & AI
- DevOps & CI/CD
- Value Stream Management
- Test Data Management
- Regulatory Compliance
- App Security & DevSecOps
- Testing and quality assurance of Blockchain platforms
The official language of the event is Italian.
On 17th January 2018 Exactpro successfully completed a management buyout from London Stock Exchange Group (LSEG), signed a new multi-year master services agreement with LSEG, and opened its head office in London.
What else has happened in 2018?
I wanted to take the opportunity to reflect on what has been an unusual year for Exactpro.
Integration front to back - Mr. Custodian tear down that wall
The scope of the application level has been continuous extended over the years, albeit with a focus on the area of pre-trade and trade.
Recently, there has been an increased interest to move further into the area of post-trade which is predominantly driven by the ISO 20022 standard. Is there really a need for new FIX messages in areas such as payments and
what are the integration problems needing a resolution?
Panellists
- Iosif Itkin, CEO, Exactpro
- Jim Northey, Co-Chair Global Technical Committee, Americas Region, FIX Trading Community, Chair Elect, ISO TC68 Financial
Services Technical Committee, and Consultant and Industry Standards Liaison, Itiviti
- Barry Young, Director, Aladdin Product Manager, BlackRock
BDD. The Outer Limits. Iosif Itkin at Youcon (in Russian)Iosif Itkin
Exactpro is supporting the 3rd annual IT-conference YouCon to take place on 14th October in Saratov, Russia. Over 900 programmers, systems engineers and architects, software QA engineers, and marketing specialists will gather to discuss the latest trends in programming technology. It is the largest IT industry event in Saratov.
Iosif Itkin, CEO of Exactpro, part of London Stock Exchange Group, will deliver a "BDD. The Outer Limits" presentation named after Iosif's favorite Sci-Fi series.
The topics to be covered are:
Behavior Driven Development concepts
Applying BDD in trading and clearing systems
Specification by Example and using production data
Combining Model-based testing and BDD
The Outer Limits
There will be an opportunity to ask questions, share thoughts and expertise in BDD, or just chat with a representative at the Exactpro stand at any time during the event.
Don't miss out, stop by and ask how you can get your Exactpro souvenir :)
We look forward to meeting you there!
#Exactpro #Youconsaratov
Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more ‘mechanical’ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Kubernetes & AI - Beauty and the Beast !?! @KCD Istanbul 2024Tobias Schneck
As AI technology is pushing into IT I was wondering myself, as an “infrastructure container kubernetes guy”, how get this fancy AI technology get managed from an infrastructure operational view? Is it possible to apply our lovely cloud native principals as well? What benefit’s both technologies could bring to each other?
Let me take this questions and provide you a short journey through existing deployment models and use cases for AI software. On practical examples, we discuss what cloud/on-premise strategy we may need for applying it to our own infrastructure to get it to work from an enterprise perspective. I want to give an overview about infrastructure requirements and technologies, what could be beneficial or limiting your AI use cases in an enterprise environment. An interactive Demo will give you some insides, what approaches I got already working for real.
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
JMeter webinar - integration with InfluxDB and GrafanaRTTS
Watch this recorded webinar about real-time monitoring of application performance. See how to integrate Apache JMeter, the open-source leader in performance testing, with InfluxDB, the open-source time-series database, and Grafana, the open-source analytics and visualization application.
In this webinar, we will review the benefits of leveraging InfluxDB and Grafana when executing load tests and demonstrate how these tools are used to visualize performance metrics.
Length: 30 minutes
Session Overview
-------------------------------------------
During this webinar, we will cover the following topics while demonstrating the integrations of JMeter, InfluxDB and Grafana:
- What out-of-the-box solutions are available for real-time monitoring JMeter tests?
- What are the benefits of integrating InfluxDB and Grafana into the load testing stack?
- Which features are provided by Grafana?
- Demonstration of InfluxDB and Grafana using a practice web application
To view the webinar recording, go to:
https://www.rttsweb.com/jmeter-integration-webinar
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
Neuro-symbolic is not enough, we need neuro-*semantic*
EXTENT-2016: MiFID 2 Requirements for testing and business clocks
1. Dr. Sandra Bramkhoff
Senior VP, Cash Market
Development
Deutsche Boerse AG
MiFID 2 –
Requirements for
testing and business
clocks
2. Presentation Manual Deutsche Börse Group 1
MiFID II - Requirements for testing and business clocks
LSE - Software Testing & Trading Technology Trends
Dr. Sandra Bramhoff
22 June 2016
3. None of the information contained in this presentation constitutes investment advice. The content on this presentation is solely for information and
does not constitute an offer to sell or a solicitation of an offer to purchase any contract, share or other financial instrument. 2
Year 2014 2015 2016 2017 2018
H2 H1 H2 H1 H2 H1 H1 H2
Level1
MiFIR/MiFID II
Level2
Delegated and
implementing
acts
Regulatory
technical
standards
(RTS)
Implementing
technical
standards
(ITS)
Trilogue
Phase
Assign Consultation
F
P = Publication in official journal
F = Entry into force
T = Transposition into national law
A = Application within member states
today
Drafting
Consul-
tation
Drafting
Consu-
ltation
Consultation Drafting
Consul-
tation
EU Commission
EU Council, EU Parliament
ESMA
Endorsement & objection period
A
Postponement of application of MiFID II/MiFIR to 3 January 2018 agreed; postponement of transposition into
national law deferred to 3 July 2017
Delegated Acts: Publication in April/May 2016; afterwards, objection period for EU Parliament (EP) and Council
before entry into force
RTS: ESMA submitted to the EU Com draft regulatory technical standards in September 2015; adoption by EU
Com delayed (started in May 2016); final approval by EP and Council outstanding; objection period before entry
into force
ITS: ESMA submitted to the EU Com draft ITS in September 2015; adoption by EU Com delayed (expected for
June 2016); final approval by EP and Council outstanding; objection period before entry into force
3
P
P A
A
T A
Drafting
03.01.2087
03.01.2018
03.01.2018
03.01.201812.06.2014 02.07.2014 03.07.2016
May/June 2016
June 2016 (exp)
April/May 2016
Drafting
Drafting
1
P
MiFIR/ MiFID II timeline – Postponement of Level 1 agreed
2
4
1
2
3
4
F
July 2016 (exp)
F
July 2016 (exp)
F
July 2016 (exp)
P F P
June 2016
(exp)
4. Testing – What do investment firms need to ensure?1
3
None of the information contained in this presentation constitutes investment advice. The content on this presentation is solely for information and
does not constitute an offer to sell or a solicitation of an offer to purchase any contract, share or other financial instrument.
Set-up of testing
methodologies
Record keeping of
software changes
Sign-off of initial
deployment & update
Conformance testing
Knowledgeable staff
Controlled
deployment of
algorithms
Post- deployment
management
Stress testing
Design and performance
of the system, algorithm or
strategy
Undertake further testing
in case of substantial
changes to the trading
system or the access to
the venue
To be undertaken by a
responsible party
designated by senior
management of the
investment firm
For determination when a
change was made, who
made and who approved
the change and the nature
of the change
When accessing the venue
as member or connecting
through SA arrangement
In case of material change
of the systems of the
trading venue
Prior to deployment or
material update of
algorithmic trading system
Adequate number
Definition of skills
necessary to fulfil (periodic
review)
Initial and ongoing training
tailored to experience and
responsibilities of staff
Maintenance of control
over trading algorithms in
production by setting limits
on number of financial
instruments, price, value
and number of orders,
strategy positions and
number of trading venues
used
Performance of annual
self-assessment and
validation process for
elaboration of validation
report
Review and evaluation of
algorithm trading systems
and trading algorithms
Testing of algorithmic
trading systems to ensure
capability of withstanding
increased order flows of
market stresses
Tests should consist of
high message volume and
trade volume tests
1 Please note that this constitutes only an overview of major items
5. 4
Production
Simulation
Simulation facilities
which reproduces as
realistically as possible
the live production
Basic Test1
Connectivity Test2
Conformance Testing
3
Test Reports3
Investment
Firm n
Investment
Firm 2
Investment
Firm 1
2
Testing of
algorithms in own
environment
1
Testing algorithms to
avoid disorderly trading
Algo Test
1
Certification to trading venue that the algorithms deployed have gone through testing
Conformance testing prior to (a) deployment of a new access to the trading venue’s system (b) a material change in the trading venue’s access
functionality (c) the deployment or substantial update of the member’s trading algorithms or strategies
Access to testing environment for members
Strict separation of testing environment from production
1
2
3
None of the information contained in this presentation constitutes investment advice. The content on this presentation is solely for information and
does not constitute an offer to sell or a solicitation of an offer to purchase any contract, share or other financial instrument.
1 Basic test includes functionalities such as submission, modification or cancellation of an order or an indication of interest, static and market data downloads and all business data flows.
2 Connectivity test includes cancel/don’t cancel on disconnect, market data feed loss and throttles, recovery including cold intra-day starts and the handling of suspended instruments or stale
market data.
3 Trading venues shall deliver a report with the outcome of the conformance testing exclusively to the actual or prospective member.
Test symbols
Testing under MiFID II – What are the requirements?
4
4
Testing environment
Trading Venue
6. Business Clocks – What requirements will apply with MiFID II?
5
Gateway-to-gateway
latency1
Max. divergence
from UTC
Granularity of
timestamp
Trading venues
>= 1 ms2 1ms 1ms or better
< 1 ms2 100 µs 1µs or better
HFTs - 100 µs 1µs or better
Voice trading - 1s 1s or better
RFQ - 1s 1s or better
Negotiated
Transactions
- 1s 1s or better
Other trading activity - 1ms 1ms or better
¹ Gateway-to-gateway latency shall be the time measured from the moment a message is received by an outer gateway of the trading venue’s system, sent through the order submission
protocol, processed by the matching engine, and then sent back until an acknowledgement is sent from the gateway.
2 Measured at the 99th percentile of all orders advertised through the system according to CP ‘Guidelines on transaction reporting, reference data, order record keeping and clock
synchronization’ published on 23 December 2015
None of the information contained in this presentation constitutes investment advice. The content on this presentation is solely for information and
does not constitute an offer to sell or a solicitation of an offer to purchase any contract, share or other financial instrument.
Reference time: Operators of trading venues and their members or participants shall synchronise the business clocks they use to record the date
and time of any reportable event with the Coordinated Universal Time (UTC)
Level of accuracy: Applicable for operators of trading venues and their members
1
2
µs = microsecond, ms = millisecond, s = second
10. MiFID II requirements for testing & business clocks - references
9
Level 1: Testing Art. 17 (1) MiFID II
Algorithmic trading: An investment firm that engages
in algorithmic trading […] shall ensure its systems
are fully tested […].
Art. 48 (1) MiFID II
Systems resilience, circuit breakers and electronic
trading: Member States shall require a regulated
market to ensure its trading systems […], are fully
tested […].
Art. 48 (6) MiFID II
Systems resilience, circuit breakers and electronic
trading: Member States shall require a regulated
market […] [to require] members or participants to
carry out appropriate testing of algorithms and
providing environments to facilitate such testing
[…]
Level 2: Testing RTS 6
Section 1 – Testing and deployment of trading
algorithms and systems
Art. 3 – Staffing
Art. 5 – General methodology
Art. 6 – Conformance testing
Art. 7 – Testing environments
Art. 8 – Controlled deployment of algorithms
Art. 10 – Stress Testing
Investments Firms
RTS 7
Chapter 2 – Capacity and Resilience of Trading
Venues
Art. 8 – Testing of the trading systems
Art. 8 – Conformance testing
Art. 9 – Testing the members’ algorithms to avoid
disorderly trading conditions
None of the information contained in this presentation constitutes investment advice. The content on this presentation is solely for information and
does not constitute an offer to sell or a solicitation of an offer to purchase any contract, share or other financial instrument.
Trading venues
Art. 50 MiFID II
Synchronisation of business clocks: Member States shall require that all trading venues and their members or
participants synchronise the business clocks they use to record the date and time of any reportable event.
RTS 25
Art. 1 – Reference Time
Art. 2 & 3 – Level of accuracy for operators of trading venues and their members and trading venues
Art. 4 – Compliance with the maximum divergence requirements
Level 1: Business clocks
Level 2: Business clocks