Alyona Lamash Head of Post Trade QAExactpro

Innovative approach to testing of Clearing and Settlement systems

Open Access Quality Assurance & Related Software Development for Financial Markets Tel: +7 495 640 24 60 , +1 415 830 38 49 www.exactpro.com 2

Innovative approach to testing of Clearing and Settlement systems

Open Access Quality Assurance & Related Software Development for Financial Markets Tel: +7 495 640 2460, +1 415 830 38 49www.exactpro.com

Alyona Lamash, Exactpro

Alyona Lamash - Head of Post Trade QA division at Exactpro Systems

Projects at Exactpro:

•Turquose EuroCCP interface

•CCP.A MIT NewClear implementation QA

•SGX CSD MIT implementation QA

•Strategic development of Post Trade QA

Introduction

Our task is Clearing and Settlement platform QA.

•There are a number of challenges and complexities in this task

•Next several slides describe such complexities and the way our

team address them

Agenda

Components of complex post trade infrastructures

• Participant structure complexity

• Trade/Position/Account lifecycle

• Risk calculation variety/complexity

• Asset classes complexity

• Upstream/downstream systems dependency

• Access via variety of API endpoints

• Test Library size

Short list of challenges

Participant structure complexity

Participant structure complexity

Trade/Position/Account lifecycle

Collateral Upload

Risk Run

Margin Call

Risk Run

Settlement Run

Trade Date

Settlement Date

Simulate DeliveryFailure

Day 1

Penalties BUY IN

Cash Settlement

Risk Run

Trade Input

Day 2

Risk Run

Corporate Action

Trade Input

Day 3

Risk Run

Settlement Run

Collateral Deficit

Delivery Default

Corporate Action

Trade/Position/Account lifecycle

Delivery Default

TradeInput

TradeInput

TradeInput

Risk calculation complexity

Asset classes complexity

Upstream / downstream systems dependency

Upstream / downstream systems dependency

Access via variety of API endpoints

Test Library size

x x

x x =LIBOR

2%

Innovation in QA: Holistic Integrated Automation Test Framework

Open Access Quality Assurance & Related Software Development for Financial Markets Tel: +7 495 640 24 60 , +1 415 830 38 49 www.exactpro.com 18

Collateral Upload

Risk Run

Margin Call

Risk Run

Settlement Run

Trade Date

Settlement Date

Simulate DeliveryFailure

Day 1

Penalties BUY IN

Cash Settlement

Risk Run

Trade Input

Day 2

Risk Run

Corporate Action

Trade Input

Day 3

Risk Run

Settlement Run

Collateral Deficit

Delivery Default

Corporate Action

Case Study: ClearTH

Delivery Default

TradeInput

TradeInput

TradeInput

Case Study: ClearTH

Case Study: ClearTH

Case Study: Risk Analyzer

Case Study: HiVAT

Verify Model PredictionsCheck ConsistencyVerify LogsMonitoring GUI and API

Case Study: HiVAT

Good for RegressionGood for Failover Testing

Thank you