Iosif Itkin CEO at Exactpro
Our work focuses on functional and nonfunctional testing, most of the business being in the market infrastructure space, exchanges and clearing. Three principles can help you to test even the most sophisticated technology platforms. They are: No Trust No Fear No Begging True courage is required when one faces disruptive technology. What is the di...
10 May 2018 Operational Risk Management
In a nutshell, the job that we do comes down to infiltrating large financial market infrastructures with specially designed tools to influence the outcome of the software development life cycle. We have been implementing this strategy across the globe for nearly 9 years. But even in the most critical, robust and reliable large infrastructures, the...
05 May 2018 /regulation Operational Risk Management
The modern society expects quality and reliability from the modern exchange platforms. Thorough verification of exchange technology is not possible without adequate software testing tools. Understanding their evolution can help deliver rapidly evolving advanced exchange systems. Test automation tools allow simulating connected automated systems, r...
17 October 2015 /regulation MiFID
This post outlines some ideas on how particular changes in quality assurance might affect the trading technology. There are lots of discussions on Internet-of-Things, Cloud and Web. However, there are other things in software verification and they are a little bit closer to our area - exchange and brokerage platforms. These are some interesting Q...
10 October 2015 /regulation MiFID
The TradTech Liquidity event was very good this year. It provides a good outlook on the state of the industry as well as perfect networking opportunities. Personally, I enjoyed the panel on How Smart Are Smart Order Routers? the most. The final question in this panel was if there is any revolutionary improvement that can happen in Smart Order Routi...
25 November 2009 MiFID
There is a set of vendor solutions available already to provide EBBO. Technology development and competition will enable buy-side to obtain a reasonable benchmark for the best-execution. On the other hand, regulators should carefully assess demands for changing market data prices, as revenues from market data services are accompanied by the costs ...
01 November 2009 MiFID
Cinnober just announced the publication of an in-depth whitepaper on latency on their web site: http://www.cinnober.com/files/A_Cinnober_whitepaper_on_latency_1.pdf The paper contains a much more detailed explanation for the items discussed in my previous post. Taking into account that the figure (286 mks for door-to-door and 138 mks for busin...
22 October 2009 Banking Architecture
So, there are two matching engines claiming 100mks latency: Gatelab and MillenniumIT. This post is neither about arguing whether industry and especially buy-side really needs such enormous achievements (being an IT person I support further advances in the trading technology) or about any particular platform. It is just a reflection on the figure i...
13 October 2009 MiFID
Would it be fair to say that the regulators should care about all types of legitimate participants even for market operators? The climate for institutional investors is not extremely warm after MiFID, and we have to look forward for dark liquidity offerings that will re-establish the balance. The ambiguity of FSA’s position does not help the indus...
03 March 2009 MiFID
It is actually exciting to find out that a new MTF will soon join the market. I would be interested to learn more about the new venue. Unfortunately, no detailed information is currently available, and the web site looks as if it’s still under construction. I hope that there will be more information available shortly. On the one hand, we have Smar...
10 February 2009 MiFID
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