End-to-end testing of trading environments is essential for financial services firms today – yet it can seem daunting to implement these complex systems, especially if it involves an overarching overhaul of existing point or legacy solutions. Taking a step-by-step approach can break this down into a more manageable process, while the resulting benefits have the potential to streamline operations, improve efficiency and add value.
Identifying a clear framework and creating an initial set of building blocks allow firms to add functionality and scale up over time, while still working towards a comprehensive end-to-end solution. This approach has the potential to provide material competitive advantage, for example by:
Having the right approach to trading system testing means having a solution in place that will provide the basis for implementing best practices, which include:
Although a robust testing mechanism takes work, firms without one face very real regulatory, operational and reputational risks if their trading system breaks down – while they may also find it harder to adapt to future regulatory demands and operational challenges. Rather than viewing it as an inconvenience, therefore, a better perspective is one of opportunity. In an increasingly competitive environment for financial services firms, the quality of operations is emerging as a differentiator – and a large component of that involves testing.
VeriFIX Enterprise by Itiviti helps to automate the costly and error-prone process of manually testing your trading system, and reduce dependencies on counterparty test environments. The industry standard for comprehensive FIX testing, it offers a sophisticated approach to validating the complete trading infrastructure, delivered to meet today’s complex enterprise view on testing.
Given the rapid pace of evolution in the financial services landscape, firms need to quickly adapt to a new paradigm when it comes to trading system testing, and take a more strategic approach. Testing needs to be part of strategy upfront – and solutions such as VeriFIX Enterprise can help prioritize and execute this pivotal requirement.
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