Tellefsen and Exactpro Systems Team Up to Help Clients with REG SCI
Meeting the demanding new requirements imposed upon firms by SEC Regulation SCI
is a key issue for many firms, especially in the areas of independent systems testing
and certification. Tellefsen and Company, L.L.C. (Tellefsen) and Exactpro Systems,
LLC (Exactpro) have today announced a marketing partnership in which both firms will
collaborate to provide key industry constituents with market structure consulting, financial
technology infrastructure testing and software quality assurance testing services.
Tellefsen is a management consulting firm founded in 1984 to provide counsel and
professional services to meet the growing needs of the financial services industry. The
firm’s principals and consultants have a wealth of experience in regulatory compliance
and U.S. market infrastructure (exchanges, ATS, dark pools etc). One of Tellefsen’s core
competencies has been is assisting firms with their regulatory compliance requirements
through technology analysis, planning, testing, and evidencing.
Exactpro is a rapidly growing quality assurance services firm specializing in market
infrastructure. Exactpro provides both functional and non-functional testing for global
exchanges, dark pools and clearing houses using a range of sophisticated in-house built
testing and evidencing tools.
John Rapa, President and CEO of Tellefsen, indicates: “The implementation of Reg SCI
is another example of market regulations where market participants must provide evidence
of their comprehensive infrastructure testing, policies and procedures and market oversight
compliance. We are delighted to team up with Exactpro whom we know from other customer
engagements. We are very impressed by their capabilities, diligence and effectiveness in
planning, executing and evidencing tests that prove regulatory compliance”.
Iosif Itkin, Co-Founder of Exactpro, says: “Our firm has a great set of tools and services that
we believe can help clients meet Regulation SCI in a cost effective manner. We are very
conversant with this domain and are delighted to be working with Tellefsen on this; our two
firms’ capabilities are entirely complementary”.
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
Innovation in Quality Assurance – What is the Impact on Trading technology?Iosif Itkin
Agile methodologies and the death of software testing.
Can finance industry adopt the same formal methods that allowed NASA to reach Pluto?
Lessons learned from the Terminator/BS Galactica and the next generation of risk controls.
What is crowd-sourced verification in the age when machines rule the market?
Cognitive technologies and building test harness for algo trading systems.
Delivering Large Post-Trade Initiatives: Quality Assurance and Key ChallengesIosif Itkin
Difficulties in coping with functional complexity
experienced by the project team:
• Aligning tests correctly in batches that correspond to events in
the daily life cycle, including multiple days
• Accelerating the daily life cycle to speed up test execution and to cover
Settlement Failure processes in testing within a reasonable timeframe
• Accurately simulating and controlling test inputs from upstream systems
and outputs to downstream systems
• Management of complex Reference Data setup
• Involvement of complex components such as Risk Management
and Collateral Management systems
• Test cycle turnaround time, client certification and test automation
Keynote Speakers:
Alyona Lamash FRM Head of Risk Management Practice, Exactpro Systems
Mark Ryland Financial Markets Technology Consultant, Independent Consulting, United Kingdom
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
Innovation in Quality Assurance – What is the Impact on Trading technology?Iosif Itkin
Agile methodologies and the death of software testing.
Can finance industry adopt the same formal methods that allowed NASA to reach Pluto?
Lessons learned from the Terminator/BS Galactica and the next generation of risk controls.
What is crowd-sourced verification in the age when machines rule the market?
Cognitive technologies and building test harness for algo trading systems.
Delivering Large Post-Trade Initiatives: Quality Assurance and Key ChallengesIosif Itkin
Difficulties in coping with functional complexity
experienced by the project team:
• Aligning tests correctly in batches that correspond to events in
the daily life cycle, including multiple days
• Accelerating the daily life cycle to speed up test execution and to cover
Settlement Failure processes in testing within a reasonable timeframe
• Accurately simulating and controlling test inputs from upstream systems
and outputs to downstream systems
• Management of complex Reference Data setup
• Involvement of complex components such as Risk Management
and Collateral Management systems
• Test cycle turnaround time, client certification and test automation
Keynote Speakers:
Alyona Lamash FRM Head of Risk Management Practice, Exactpro Systems
Mark Ryland Financial Markets Technology Consultant, Independent Consulting, United Kingdom
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
Reconciliation Testing Aspects
Elena Moiseeva, QA, Exactpro
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
EXTENT-2016: MiFID 2 Requirements for testing and business clocksIosif Itkin
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
Follow us:
https://www.linkedin.com/company/exactpro-systems-llc?trk=biz-companies-cym
https://twitter.com/exactpro
#extent2016
#exactpro
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
Millennium Surveillance™ – Achieving Excellence
Anton Kryukov,Exactpro
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
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
Lessons Learned For NERC CIPv5 Compliance & Configuration Change ManagementEnergySec
The NERC CIPv5 deadline is fast approaching, and it’s not too late to be prepared. Join Mark Prince, Manager Operational Technology Fossil, from Entergy, Karl Perman, VP Member Services from EnergySec and Tim Erlin, Director from Tripwire to discuss achieving and maintaining NERC CIPv5 compliance in a fossil generation plant. We’ll cover some of the challenges that Entergy has experienced in their NERC CIPv5 compliance journey. Specifically, we will discuss configuration change management and how to leverage technologies for these requirements and consider what life would be without them.
The North American Electric Reliability Corporation (NERC) introduced Critical Infrastructure Protections (CIPs) as mandatory cyber security regulations, intended to protect the bulk electric grid. This compliance guide, updated according to NERC CIP version 4 (applicable as of June 25, 2012), provides an overview of the compliance requirements as well as steps to achieve NERC compliance.
To download a free Nexpose demo, click here:
http://www.rapid7.com/products/nexpose/compare-downloads.jsp
To download a free Metasploit demo, click here:
http://www.rapid7.com/products/metasploit/download.jsp
Trading Systems: Testing at the Confluence of FT and NFTIosif Itkin
EXTENT Trading Technology Trends & Quality Assurance Conference in Obninsk, 2 March, 2013
Trading Systems:
Testing at the Confluence of FT & NFT
Alexey Zverev, Managing Director
Alyona Bulda, QA Project Lead
Ivan Bobrov, HFT Analyst
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
Reconciliation Testing Aspects
Elena Moiseeva, QA, Exactpro
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
EXTENT-2016: MiFID 2 Requirements for testing and business clocksIosif Itkin
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
Follow us:
https://www.linkedin.com/company/exactpro-systems-llc?trk=biz-companies-cym
https://twitter.com/exactpro
#extent2016
#exactpro
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
Millennium Surveillance™ – Achieving Excellence
Anton Kryukov,Exactpro
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
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
Lessons Learned For NERC CIPv5 Compliance & Configuration Change ManagementEnergySec
The NERC CIPv5 deadline is fast approaching, and it’s not too late to be prepared. Join Mark Prince, Manager Operational Technology Fossil, from Entergy, Karl Perman, VP Member Services from EnergySec and Tim Erlin, Director from Tripwire to discuss achieving and maintaining NERC CIPv5 compliance in a fossil generation plant. We’ll cover some of the challenges that Entergy has experienced in their NERC CIPv5 compliance journey. Specifically, we will discuss configuration change management and how to leverage technologies for these requirements and consider what life would be without them.
The North American Electric Reliability Corporation (NERC) introduced Critical Infrastructure Protections (CIPs) as mandatory cyber security regulations, intended to protect the bulk electric grid. This compliance guide, updated according to NERC CIP version 4 (applicable as of June 25, 2012), provides an overview of the compliance requirements as well as steps to achieve NERC compliance.
To download a free Nexpose demo, click here:
http://www.rapid7.com/products/nexpose/compare-downloads.jsp
To download a free Metasploit demo, click here:
http://www.rapid7.com/products/metasploit/download.jsp
Trading Systems: Testing at the Confluence of FT and NFTIosif Itkin
EXTENT Trading Technology Trends & Quality Assurance Conference in Obninsk, 2 March, 2013
Trading Systems:
Testing at the Confluence of FT & NFT
Alexey Zverev, Managing Director
Alyona Bulda, QA Project Lead
Ivan Bobrov, HFT Analyst
EXTENT Trading Test Tools Evolution TheoryIosif Itkin
EXTENT Trading Technology Trends & Quality Assurance Conference in Obninsk, 2 March, 2013
Trading Test Tools: Evolution Theory
Alexander Barch, Technical Analyst, Exactpro Systems
Anastasia Matveeva, QA Manager, Exactpro Systems
EXTENT Conference - October 2011
Test Automation for Trading Systems
Verification of Financial Models:Duplication of Development Efforts?
Alyona Lamash, Head of Risk Management Systems Practice Innovative Trading Systems
Boris Rabinovich, Senior QA Analyst ITS
Behavior Driven Development Pros and ConsIosif Itkin
The Cons of Behavior Driven Development (BDD)
Ivan Bobrov, ClubQA Co-Founder, Kostroma
The Pros of Behavior Driven Development (BDD): Business User Scenarios
Natalia Zaitseva, Exchange Functional Test Automation Lead Innovative Trading Systems
EXTENT Conference.
October 29-30, 2011
Test Automation for Trading Systems
Renaissance Hotel Moscow
HighLoad++ 2013 Iosif Itkin Anton SitnikovIosif Itkin
Система для выявления манипуляций в условиях высокочастотной биржевой торговли
Основная задача системы мониторинга и контроля биржевой площадки — обеспечивать упорядоченное и стабильное функционирование рынка и, в частности, поддерживать аналитическую работу отделов, отвечающих за выявление возможных манипуляций.
Система мониторинга должна собирать информацию обо всех входящих заявках, ответах системы, данных, поступающих из внешних источников, а также о релевантных внутренних состояниях трейдинговой платформы. В условиях высокочастотной торговли объемы этой информации достаточно велики, и их обработка требует масштабируемой инфраструктуры.
Операторы биржевых площадок и участники торгов ожидают, что системы мониторинга и контроля рисков будут оказывать минимальное влияние на основную функциональность трейдинговой платформы и время отклика.
Недобросовестные участники рынка пытаются скрыть злоупотребления и манипуляции рынком под видом легитимных финансовых транзакций, а некоторые законные операции обладают многими признаками нарушений. Системам мониторинга и контроля рынков приходится делать аналитические заключения под высокой нагрузкой, на основе нечеткой логики, параметры которой приходится непрерывно адаптировать под новые трейдинговые ситуации и схемы поведения участников торгов.
Наш доклад содержит обзор предметной области и основных требований к системам мониторинга и контроля для биржевых площадок, а также описание разрабатываемой нами системы, ее архитектуры и выбранного технологического стека, включая Akka, LevelDB, Play, ZeroMQ и ExtJS.
Recently, the SEC adopted new rules to require certain key market participants to have comprehensive policies and procedures in place surrounding their technology (Regulation SCI).
Exchanges, SROs, selected alternative trading systems (ATS), plan processors, and exempt clearing agencies are required to design, develop, test, maintain, and oversee their mission-critical systems.
The rules require them to ensure that their core technology meets certain standards, conduct regular business continuity testing, and provide certain notifications in the event of systems disruptions, intrusions and other events.
Meeting the demanding new requirements imposed upon firms by SEC Regulation SCI is a key issue for many market participants, especially in the areas of independent systems testing and certification.
Tellefsen and Company, L.L.C. (Tellefsen) and Exactpro Systems, LLC (Exactpro) have today announced a marketing partnership in which both firms will collaborate to provide key industry constituents with market structure consulting, financial technology infrastructure testing and software quality assurance testing services.
Enterprise Governance Risk and Compliance (GRC) Management Solution in IndiaLexComply
Having most comprehensive coverage of compliance amongst the available GRC solutions in India, we ensure you don’t miss any compliance or legal updates . Know all you need about compliance in a single screen.
Drive compliance culture to ensure 100% adherence & lower risks with LexComply Legal Compliance Management solution in India, having integrated technology & updated legal library to identify, Allocate, Report & monitor compliance across group companies, locations, departments, & 3rd parties.
Infovest's post trade compliance solution is the most focused compliance solution in the market for third party administrators, custodians and fund of fund managers.
James J Okarimia
Managing Partner
Aligning Finance, Risk and Data Analytics in Meeting the Requirements of Emerging Regulations
Banks must meet more (and more varied) regulations today than ever. The sheer scale and scope of banking regulations, including Dodd-Frank, Basel III and IFRS, pose challenges to all financial institutions, from the smallest bank to the largest financial services enterprise.
A Summary of Top 28 areas covered by EC Proposed Regulation for CRR, CRD IV and Basel III Regulatory Compliance and Implementation of the proposal: A publication by James Jeffrey Okarimia
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Managing Partner
Aligning Finance, Risk and Data Analytics in Meeting the Requirements of Emerging Regulations
Banks must meet more (and more varied) regulations today than ever. The sheer scale and scope of banking regulations, including Dodd-Frank, Basel III and IFRS, pose challenges to all financial institutions, from the smallest bank to the largest financial services enterprise.
James J Okarimia
Managing Partner
Aligning Finance, Risk and Data Analytics in Meeting the Requirements of Emerging Regulations
Banks must meet more (and more varied) regulations today than ever. The sheer scale and scope of banking regulations, including Dodd-Frank, Basel III and IFRS, pose challenges to all financial institutions, from the smallest bank to the largest financial services enterprise.
James J Okarimia
Managing Partner
Aligning Finance, Risk and Data Analytics in Meeting the Requirements of Emerging Regulations
Banks must meet more (and more varied) regulations today than ever. The sheer scale and scope of banking regulations, including Dodd-Frank, Basel III and IFRS, pose challenges to all financial institutions, from the smallest bank to the largest financial services enterprise.
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
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
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Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
2. SEC Regulation SCI - Systems Compliance and Integrity
• On November 19, 2014 the SEC adopted new rules to require certain key
market participants to have comprehensive policies and procedures in
place surrounding their technology (Reg SCI).
• Regulation SCI under the Securities Act of 1934 (“Systems Compliance
and Integrity”) replaces the current voluntary ARP compliance program
with rules whose violation may be the subject to enforcement actions.
• SROs, selected alternative trading systems (ATS), plan processors, and
exempt clearing agencies are required to design, develop, test, maintain,
and oversee their mission-critical systems.
• The rules require them to ensure that their core technology meets
certain standards, conduct regular business continuity testing, and
provide certain notifications in the event of systems disruptions,
intrusions and other events.
Tellefsen and Company, L.L.C.
2013-2015
3. Reg SCI (Cont’d) …
• High-profile technical glitches in the securities markets including those
that arose during the 2010 Flash Crash, the initial public offerings of
Facebook and BATS Global Markets as well as the Knight Capital trading
incident have illustrated that investors can be at risk when technology
fails, and confidence in the markets can falter.
• The market closures following Hurricane Sandy in 2012 also highlighted
the importance of having a robust market technology infrastructure.
• These events, subsequent discussions and commentary from a cross
section of market participants have helped shape the development of
the new rulemaking.
Tellefsen and Company, L.L.C.
2013-2015
4. • The new regulations will present challenges to the Chief Technology
Officer and especially the Chief Compliance Officer, who is responsible
for the creation and enforcement of reasonable supervisory procedures
related to the implementation and maintenance of applicable
HW/SW/NW technologies and infrastructure.
• While these responsibilities are far from a routine compliance skill set,
Reg. SCI is a continuation of a trend by the SEC of placing increased
responsibility on compliance with respect to policies and procedures for
implementing and maintaining various types of technology.
• For the past two decades, SROs have followed a voluntary set of
principles articulated in the SEC’s Automation Review Policy and
participated in what is known as the ARP Inspection Program.
• Reg SCI now supersedes this (see final rulemaking in the Federal Register:
https://www.federalregister.gov/articles/2014/12/05/2014-27767/regulation-systems-compliance-and
)
Reg SCI (Cont’d) …
Tellefsen and Company, L.L.C.
2013-2015
5. The rulemaking was largely adopted as proposed, with the following
revisions and exceptions:
•The proposed 30 day advance reporting requirement was changed to
quarterly.
•The Direct Access requirement which would have required SCI Entities to
provide SEC staff with remote or on-site access to SCI Systems was not
adopted.
•Safe Harbor protection from liability is limited to those individuals who
reasonably discharge their responsibilities under Reg SCI.
•Senior management involved in the annual Reg SCI review will be required
to certify that they have implemented policies and procedures reasonably
designed to ensure compliance with the rulemaking.
Reg SCI – Final Rulemaking
Tellefsen and Company, L.L.C.
2013-2015
6. • Core technology of national securities exchanges, self-regulatory
organizations, significant alternative trading systems, clearing agencies,
and plan processors meets certain standards.
• That these entities conduct regular business continuity testing with their
members or participants.
• That they provide certain notifications regarding systems disruptions,
intrusions and other types of systems issues.
• The probability of technology problems is reduced, and key entities are
well-positioned to take appropriate, corrective action when problems
occur.
Reg SCI Is Designed to Ensure:
Tellefsen and Company, L.L.C.
2013-2015
7. • The proposed rule would apply to “SCI Entities” such as:
– Self-regulatory organizations (the registered national securities exchanges,
registered clearing agencies, FINRA, and MSRB).
– Alternative Trading Systems that exceed specified volume thresholds (SCI ATS).
– Disseminators of market data under certain National Market Systems plans
(“plan processors”).
– Certain clearing agencies exempt from SEC registration.
• It would apply primarily to the systems of SCI Entities that are core to the
functioning of the securities markets, such as those that directly support
trading, clearance and settlement, order routing, market data, regulation,
or surveillance.
• The SEC anticipates that 14 ATSs will be required to be compliant.
• It is unknown whether other business systems such as a shared drive
system or phone system are within the scope.
Reg SCI – Applicability
Tellefsen and Company, L.L.C.
2013-2015
8. Establish policies and supervisory procedures relating to the capacity,
integrity, resiliency and security of its technology systems.
Ensure its systems operate in the manner intended, including in
compliance with relevant federal securities laws and rules.
Take timely corrective action in response to systems disruptions, systems
compliance issues and systems intrusions.
Notify and provide the SEC with detailed information when such systems
issues occur, systems intrusions, and when there are material changes in
its systems. Written notices of “SCI Events” will be reported to members
and market participants and filed electronically to the SEC on Form SCI.
Inform its members or participants about certain systems problems and
provide information about the systems and market participants affected
by the problem and the progress of corrective action.
SCI Entities - Requirements:
Tellefsen and Company, L.L.C.
2013-2015
9. Provide quarterly notice to the SEC of any material system changes,
including completed, ongoing and planned material changes to SCI systems
and the security of indirect SCI systems, during the prior, current and
subsequent calendar quarters.
Conduct an annual review of its compliance with Regulation SCI, and
submit a report of the annual review to its senior management and the
SEC.
Plan and engage in annual business continuity and disaster recovery
testing.
Designate certain individuals or firms to participate in the testing of its
business continuity and disaster recovery plans, and coordinate such
testing with other entities on an industry- or sector-wide basis.
Demonstrate systems testing, test results and related capabilities to SEC
staff on-site during inspections.
SCI Entities Requirements (Cont’d)…
Tellefsen and Company, L.L.C.
2013-2015
10. The SEC has granted Safe Harbor protection from liability to individuals
within SCI Entities who reasonably discharge their Reg SCI compliance
responsibilities under their policies, procedures and controls.
Reg SCI is effective 60 days after publication in the Federal Register, and
SCI Entities must comply with the requirements within 9 months of the
effective date.
ATSs that satisfy volume threshold levels for the first time will be granted
an additional 6 months from that time to comply.
SCI Entities will have 21 months from the effective date to comply with the
industry or sector wide BC/DR testing requirement.
SCI Entities Requirements (Cont’d)…
Tellefsen and Company, L.L.C.
2013-2015
11. • Reg SCI entities need to ensure their written policies and procedures are
up to date.
• Problem tracking systems must actively capture problems, problem
identification, cause/effect and resolution.
• Regular reporting to the SEC is required:
– Ad-hoc incident reporting
– Quarterly reports of planned and material system changes
– Annual Reg SCI Review
Policies, Procedures and Reporting
Tellefsen and Company, L.L.C.
2013-2015
12. • Reg SCI entities need a comprehensive testing regimen in order to be
compliant.
• Functional and non-functional testing of applicable Reg SCI ecosystems.
• Comprehensive test regimens for quality assurance, regression, capacity,
stress, failover/recovery, user acceptance etc.
• Development and maintenance of a test repository and active analysis of
production data.
• Need for industry insight and domain market structure expertise in the
design, planning and execution of industry test initiatives.
• Independent test execution, oversight and reporting.
• Assistance with preparation of annual Reg SCI compliance report to SEC.
Reg SCI Testing and Oversight
Tellefsen and Company, L.L.C.
2013-2015
13. Exactpro Systems Company Overview
Exactpro is: Our clients’ location:
• A specialist firm focused on functional and non functional
testing of systems that process wholesale financial products,
particularly market infrastructure
• A US company registered and head-quartered in San Rafael,
California, with four QA & development centres in Russia and
sales support in the UK
• An independent company incorporated in 2009 with 10
people, has experienced phenomenal growth as satisfied
clients consume more services - now employing over 280
specialists
14. Exactpro Systems Existing Customers Include:
• Several major stock exchange & ATS
clients with low latency trading platforms
• A market leading Equities dark pool
• Several post trade clearing houses
• A leading SEF
• A leading global derivatives
(financial and commodities) broker
• A significant commodity exchange and its
clearing arm
• A major investment bank specializing in
emerging markets
• A global equities broker offering program and
single name execution
• A software provider of adaptive trading
technologies for international buy- and
sell-side firms
15. 100% Focused on Systems that Process Financial Products,
with Particular Focus on Electronic Trading
Financial Products
Platforms Pre and Post Trade;
-Commodities, Derivatives
Equities, Fixed
Income, FX
Deal Capture &
Position Keeping
Risk Management
Middle Office
Clearing and
Settlement
Messaging
Reference Data
Order and Execution
Management
Market Venue
Connectivity
Smart Order
Routing
Algorithmic
Trading
Matching Engines
Market Data
Distribution
16. Highly Effective in all of these Aspects of Quality Assurance
Quality Assurance:
test planning and
management
Latency & capacity
testing
Intelligent Management
of Large Data Sets
Process audit and test
coverage analysis
Automated regression
testing
Gathering requirements
and test scenario creation
(human, message & reporting interfaces)
Intelligent functional and
exploratory testing
Creating and productizing
state-of-the-art
test harnesses
Test automation
Test data management
Protocol level testing using
FIX/FAST, SOAP, HTTP, ITCH,
SWIFT, MQ, SQL, proprietary
binary and text based
data formats, etc.
17. Exactpro’s Bespoke Test Automation Suite
ClearTH:
• Post-Trade testing tool
• Verifies each stage of the DLC
• Integrated schedule
• Automated matrices
• Can create multiple days test
scenarios
• Concurrent multiple tests
• Integrated simulators
• SWIFT ISO protocol support
MiniRobots:
• Executes multithreaded java
code
• Complexity of test algorithms is
defined by the test developer
• Supports multiple client fix
connections, order entry and
market data via FIX
• Can use GUI to iterate through
sent and received messages
Dolphin:
• Model-based testing
of market surveillance
systems
• Production-scale
capacity and
throughput
• Interactive real-time
alerts and reports
Shsha:
• Post-transactional tool
• Analyzes clients' activity and forecasts system response
• Parses and displays logs in a user-friendly way
• Parses messages and then puts each to a data base
table where each column corresponds to each message
field
• Allows making summarized reports, etc
• Easy to understand GUI
Load Injector:
• Simulates multiple client connections with a specified load shape for each connection or a group of connections
• Up to 75K messages / second from a single CPU core
• Measures latencies in microsecond range
• Performance test reports
Sailfish:
• Can test Order Entry, Market Data and Post
Trade connections in one test scenario
• Each test scenario is independent
• Allows running test scripts in any sequence
• Simulation of multiple user connections
• Server simulators
• All messages are stored into a data base
• Generates test reports
19. • Exactpro Systems has introduced a marketing partnership with Tellefsen
and Company (TCL), a management consulting firm founded in 1984 to
provide counsel and professional services to meet the growing needs of
the financial services industry.
• TCL has a market structure practice and core competency and depth of
experience in assisting exchanges, clearing houses and ATS in complying
with regulatory guidelines.
• TCL has conducted numerous technology reviews for clients in the last
several years, including investment management firms, ATS, clearing
houses and exchanges.
• TCL has also counseled and guided our clients through the preparation
for regulatory designation reviews and inspections by the CFTC, FINRA
and the SEC.
• TCL’s mission-critical systems expertise includes trading systems, market
data dissemination, clearing, risk management and market surveillance
components.
Marketing Partnership with Tellefsen and Company
Tellefsen and Company, L.L.C.
2013-2015
20. • Experience with prior client assignments has included the development of
testing, compliance documentation and procedures for trading and
operations management, including:
Business impact analysis
Business continuity management
Capacity planning
Systems development methodology
Acceptance testing
Configuration and release management
Network management
Problem management/problem tracking
Information and physical security
Failover, stress and capacity testing
TCL’s Market Structure, Compliance and Automation Review Expertise
Tellefsen and Company, L.L.C.
2013-2015
21. • Our firm brings unique market insight and market micro structure
experience to client assignments
• Development and audit of business continuity plans, systems failover and
fall back testing strategies and plans are a core competency of our firm, as
is systems quality assurance and acceptance testing
• We have provided independent test oversight and test results attestation
for various exchanges, clearing houses and numerous market participants.
TCL’s Market Structure Expertise (Cont’d) …
Tellefsen and Company, L.L.C.
2013-2015
22. How Does This Apply to Regulation SCI
Experienced people with great tools that can hit the ground running to test and provide
evidence in a cost effective fashion
A range of well organised testing services that cover several of the aspects essential
for Reg SCI compliance
- All test evidence captured from an easy to report from test repository
1. Conventional Non Functional
Testing:
• Load test to establish the
reasonable current and future
capacity planning estimates
• Capacity stress tests of systems
to determine their ability to
process transactions in an
accurate, timely, and efficient
manner
• Failover & recovery tests to
verify backup, contingency and
disaster recovery capabilities,
including geographically diverse
locations
2. Conventional Functional
Testing:
• Efficient testing to exercise all
key functionality and data set-up
• Positive and negative tests to
identify vulnerabilities pertaining
to internal and external threats,
physical hazards, and natural or
manmade disasters
• All test evidence per run
stored within an easy to access
and report test repository
• Automated Regression testing
of subsequent releases and
reporting of all relevant changes
within the system
3. Testing at the Confluence
of Functional and Non
Functional Testing:
• High frequency and
algorithmic trading activity
simulations
• Testing to assure systems
capacity, integrity, resiliency,
availability and security
under realistic participants
load
• Modeling of all data inputs
and outputs from system to
evaluate the behavior within
normal operational and
outage scenarios
4. Production Data Analysis:
• Capture and Analyze data
from production to
understand real usage
• Monitor and investigate
production events
• Feedback to refine test
coverage for subsequent
versions
• Bringing QA perspective
into operational support
23. Tellefsen and Company, L.L.C.
John Rapa, President/CEO
1-212 809 3800
JJR@Tellefsen.com
http://www.tellefsen.com
Exactpro Systems, LLC
Iosif Itkin, Co-Founder/Co-CEO
+7 495 640 2460
iosif.itkin@exactprosystems.com
http://www.exactpro.com/
For More Information, Contact