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

1. Technical User Group
Paris, 6 October 2016

2. Agenda
Page 2
• 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

3. Page 3
SOLA 9
Flavio Ravotto
Manager, Technical Account Management and Professional Services
Client Technology Services Italy

4. SOLA 9 (1)
Page 4
• New release of the SOLA platform (SOLA 9.2) will be introduced for
IDEM and LSEDM Equity Derivative products
• Interest Rate Derivative products (Curve) will not be impacted
• Changes to the protocol will be introduced
• Documentation for LSEDM Equity Derivative products already available
• Documentation for IDEM will be published in due course

5. SOLA 9 (2)
Page 5
• LSEDM Equity Derivative products CDS has been upgraded to SOLA 9
since September 2016
• Availability of IDEM CDS for SOLA 9 will be communicated in due
course
• Dress Rehearsals will be organized prior the go-live
• Planned go-live date:
• November 2016 for LSEDM Equity Derivative products
• Go-live date for IDEM not decided yet

6. Pre-Trade Validations - Background
Page 6
• With SOLA 9 a set of Pre-Trade Validation functionalities will be provided
• It will be possible to set pre-trade controls on a single or a group of Trader IDs
associated with a participant
• The service will complement the following services that are already available at
trading or clearing level :
• BCS Risk Management: ex-post controls
• Drop Copy: monitoring function of orders and executed trades
• Main Requirement: to provide a means to set maximum order size, position
and exposure limits on a Trader ID/Group of Trader IDs/Trading Participant level

7. Pre-trade Validations – Solution (1)
Page 7
• The Risk Manager (the “controlling entity”) will be able to specify a set of
limits for a specified “managed entity”
• Possibility to set limits will be available via SOLA APIs and GUI
• Limits can be updated in real time with immediate effectiveness
• On the basis of the configurations defined by the “controlling entity”, SOLA
will perform real-time checks before allowing each order/quote to enter the
market

8. Pre-trade Validations - Solution (2)
Page 8
• Limits can be set at different levels:
• Firm/Group of Trader ID/Instrument Group/Instrument
• Firm/Group of Trader ID/Instrument Group
• Firm/Instrument Group/Instrument
• Firm/Instrument Group

9. Pre-trade Validations - Implementation
Page 9
• Available Limits (Detailed documentation will be published at a later stage):
• Max Order Quantity (different thresholds for normal orders and cross/committed orders)
• Position: limits on executed trades (net long/short position, expressed in quantity terms) during the day
• The trade triggering the breach of the limit is executed
• The breach of the net long threshold triggers the cancellation of all buy orders and all quotes (and vice versa for the net
short threshold)
• Exposure: limits on executed trades (net long/short position) + open orders (no quotes). Expressed in quantity terms
• Breach of the net long threshold triggers cancellation of all buy orders/quotes (and vice versa for the net short threshold)
• Access to Market Maker Protection to control quoting activity (most restrictive rule will apply in case of conflicts)
• Kill Switch: cancels all the orders (cross/committed orders included) and quotes for a Trader and disable the Trader/the Firm
• New messages for SAIL protocol only
• FIX protocol is not impacted
• FIX protocol changes include new error codes only

10. Pre-trade Validations - Monitoring
Page 10
• SOLA will disseminate messages related to the “usage” of the defined limits
(“Risk Limits Usage Notice”)
• anytime a defined limit approaches the threshold, at 10% intervals, an alert is
disseminated
• alerts are disseminated when the available thresholds is “used” at 50%, 60%, 70%
etc. of its total
• Available for:
• position and exposure limits
• via SOLA APIs and GUI

11. Page 11
GTP Updates
Flavio Ravotto
Manager, Technical Account Management and Professional Services
Client Technology Services Italy

12. Protocol changes (1)
Page 12
• New Layout of message Instrument Directory – Strategies
(0x6f):
• Source Venue
• Venue Instrument ID
• Series Name
• Group ID
• Activation Date Time
• Expiration Date
• Strategy pricing

13. Protocol changes (2)
Page 13
• Message Instrument Directory – Fixed Income (0x6e): new field Description
will be added to reflect the type of bond
• Message Instrument Directory – Equities (0x52): new fields Description and
Symbol will be added.
• Message Statistic Snapshot (0x6b): three new fields related to the last
executed trade for the current day will be added:
• Last Trade Price
• Last Trade Quantity
• Last Trade Time
If no relevant trades have taken place for a particular instrument then the fields will be set to
the default value '0‘

14. Planning
Page 14
• Changes to the protocol will be introduced for all Venues
currently available via GTP (Borsa Italiana cash and
derivatives markets and LSE cash markets)
• Documentation available since July 2016
• CDS available since July 2016
• Planned Go-Live date: October, 24th 2016
• contextual with the delivery of the Release 9 for Borsa Italiana and
EuroTLX
• Both GTP London and GTP Milan Instances will be upgraded at
the same time

15. Page 15
MIT Release 9 and “Request for Quote”
Flavio Ravotto
Manager, Technical Account Management and Professional Services
Client Technology Services Italy

16. Release 9 - Overview
Page 16
• A new release of the MIT platform (Release 9) will be delivered for Borsa
Italiana and EuroTLX markets
• Changes/Optimization to the protocol will be introduced
• Introduction of the “Request for Quote” Functionality for MOT, ETF and
EuroTLX markets
• Conformance Test will have to be mandatorily performed before the go-live

17. Release 9 - Planning
Page 17
• Release 9 is available in CDS for Borsa Italiana and EuroTLX since July 2016
• Documentation published on June 8th 2016
• Dress Rehearsals held on Saturday, October 1st 2017
• Go-live date October, 24th 2016 for both Borsa Italiana and EuroTLX

18. Randomized Peak for Iceberg Orders
Page 18
• Now when sending an Iceberg Order, the Trader specifies a Visible Quantity that is
put on the order book when the order is sent and every time the visible quantity is
fully executed
• With the Release 9, the Visible Quantity will be optionally randomized
• The Trader will keep specifying a Visible Quantity for Iceberg Orders
• When the trader will choose to randomize the Visible Quantity:
• the first time the Iceberg Order is put on the Order Book, the peak quantity shown will be the
Trader specified Visible Quantity
• after every full execution of the previously used peak quantity, the quantity shown will be a
random value between the Trader specified Visible Quantity and the Trader specified Visible
Quantity plus 20%

19. Request for Quote (1)
Page 19
• RFQ will be available on MOT, ETF+ and EuroTLX markets
• RFQ will allow Member Firms to request a Quote for a specified quantity on a
given instrument to registered Market Makers
• The Member Firm that entered a RFQ is called Requester
• Market Makers will have to subscribe in order to receive entered RFQs on one
or more instruments
• RFQ (form both Requesters and Market Makers) will be available via both the
Native and the FIX protocols
• RFQ will be usable for large in scale orders, so RFQ quantity will have to be
above a minimum threshold

20. Request for Quote (2)
Page 20
• The RFQ will mandatorily contain the quantity and optionally contain the
Side
• if the Requester specifies the Side, this will be the only executable Side of the RFQ and
cannot change during the RFQ lifetime
• The RFQ can be Anonymous or Visible
• With Anonymous RFQs, the Market Makers will not know the Requester and vice versa
• With Visible RFQs:
• the Market Makers will know the Requester and vice versa
• the Requester will have to specify the Market Makers to which the RFQ should be
routed

21. Request for Quote (3)
Page 21
• Market Makers will choose whether to respond with a Quote or to ignore, if
decide to respond will provide a Bid and/or a Ask Price (the Quote can be dual
sided or single sided)
• a Market Maker decides to provide a Bid Price, a Ask Price or both independently from the
Side specified by the Requester (if any)
• Market Makers can update or cancel the Quote they submitted
• Quotes entered by Market Makers will be routed to the Requester, that will
decide whether to:
• Execute
• Withdraw the request

22. Request for Quote (4)
Page 22
• When the Requester decides to execute, the execution will happen against the
best Quote (in terms of Price) among the received ones
• The Requester receives all Quotes entered by Market Makers but cannot choose which
Quote to execute against
• The execution is made against a private order book composed of quotes sent by Market
Makers
• Traded Price is subject to limits against Public Order Book best Bid/Ask Prices
(that may differ from the ones applied to BTF ones, e.g. on MOT it will be
possible to trade at prices significantly different from Public Order Book ones)
• In case of execution, the trade
• for Cleared Instruments, sent to the CCP
• is published via Market Data services (GTP and MITCH) marked as “RFQ Trade”

23. RFQ – Request
Page 23
• A unique identifier of the RFQ assigned by the Requester
• The Expire Time of the RFQ (the time the negotiation process terminated at)
• Instrument ID of the Instrument subject of the quote
• Quantity
• Side (optional)
• In case of Named RFQ the list of Market Makers to which the RFQ should be
routed

24. RFQ – Response
Page 24
• The identifier of the RFQ assigned by the Requester (to identify the RFQ)
• Bid Price/Quantity and/or Ask Price/Quantity
• the Market Maker may provide both Bid and Ask Sides even in the case the Requester
specified the Side he is interested to trade against
• Bid and/or Ask Quantity should be greater or equal than the one requested by
the Requester
• in any case, the executable quantity is the one contained in the request

25. RFQ – Examples (1)
Page 25
Requester MM 2MM 1Market
RFQ (Buy 100)
RFQ (Buy 100)
RFQ (Buy 100)
Quote (sell@9)
Execute
Quote (sell@9.2)
Execution Execution
Quote (sell@9)
Quote (sell@9.2)
Bid Qty Bid
Price
Ask
Price
Ask Qty
9 100
9.2 100
Aggregated Orderbook
Best Quote

26. RFQ – Examples (2)
Page 26
Requester MM 2MM 1Market
RFQ (Sell)
RFQ (Sell)
RFQ (Sell)
Quote (buy@9)
Cancel
Quote (buy@9.2)
Quote (buy@9)
Quote (buy@9.2)
Cancel
Cancel

27. Quote (buy@9.1, sell@10)
RFQ – Examples (3)
Page 27
Requester MM 2MM 1Market
RFQ (100)
RFQ (100)
RFQ (100)
Quote (buy@9, sell@10)
Execute (Sell)
Quote (buy@8.9, sell@10.1)
Execution Execution
Quote (buy@9, sell@10)
Quote (buy@8.9, sell@10.1)
Bid Qty Bid
Price
Ask
Price
Ask Qty
100 9.1 10 100
100 8.9 10.1 100
Aggregated Orderbook
Best Quote
Quote (buy@9.1, sell@10)

28. Cancel
RFQ – Examples (4)
Page 28
Requester MM 2MM 1Market
RFQ (Buy 100)
RFQ (Buy 100)
RFQ (Buy 100)
Quote (sell@9)
Execute
Quote (sell@9.1)
Execution Execution
Quote (sell@9)
Quote (sell@9.1)
Bid Qty Bid
Price
Ask
Price
Ask Qty
9.1 100
Aggregated Orderbook
Best Quote
Cancel (sell@9)

29. Page 29
Contacts

30. Client Technology Services Italy
Page 30
• Technical Account Management and Professional Services
+39 72 42 6 348/606/333
Clients-Services@borsaitaliana.it
• Market Access (configurations, enablements, etc.)
+39 02 72426668
market-access@borsaitaliana.it
• Service-Desk (customer support desk)
Toll Free: 0080026772000 - From mobile: +39 02 45411399
service-desk@borsaitaliana.it

31. London Stock Exchange –
Release 9.1
Don Mucha
Manager – Technical Account Management and Market Access
Client Technology Services - UK
London Stock Exchange Group
Page 31

32. London Stock Exchange – Release 9.1
Page 32
Summary of Changes
• Introduction for Request for Quotes (RFQ’s)
• Introduction of Pre Trade Risk Controls for RFQ’s and Cross
Orders
• Ability to load Sponsored Access restricted instrument list
(RIL) via the Sponsored Access portal

33. London Stock Exchange – Release 9.1
Page 33
Impact on London Stock Exchange Trading Interfaces
FIX Trading
• Additional tags to support RFQ’s added to Quote, Quote Cancel, Quote Status Report and
Execution Report messages
• Following new messages added to support RFQ’s: Quote Request, Quote Request Reject,
Quote Ack and Quote Response
Native
• New messages added to support RFQ’s: Quote Request, Quote Request Reject, RFQ Quote,
Quote Response, Quote Ack and RFQ Execution Report

34. LSE RFQ Offering (1)
Page 34
RFQ functionality – estimated delivery Q4 2016 for ETFs & ETPs
• Currently it is estimated that 70% of ETF/ETP trading in Europe happens OTC. ETFs and ETPs are
currently non MiFID instruments and therefore do not have pre trade and post trade transparency
requirements
• New RFQ functionality will complement our existing trading services by promoting the execution of
larger sized trades by institutional clients on Exchange which would usually occur OTC
• The service is a non pre trade transparent model and has been designed to protect order book liquidity
by setting a minimum trade size
• Pre MiFID II the minimum trade size will be 4x EMS and then move to MiFID II LIS size (1m Euro),
ensuring a MiFID II compliant LIS trading facility
• RFQ responses are price validated with reference to the order book BBO (+/- a small % tolerance)
• Trades are classified as order book (flagged as RFQ) and follow LSE rule book as per existing order
book trades

35. LSE RFQ Offering (2)
Page 35
• RFQ sessions will be private between requestor and market maker
• RFQ max duration will be 180 seconds
• Only registered market makers will be able to respond to quote requests and there will be no obligation
for market makers to respond
• All trading participants connected to the order book will be able to access RFQ
• Requestor can decide to remain anonymous or to be named per RFQ
• The service will offer automated trade reporting and clearing

36. Main aspects of RFQ functionality
Page 36
Requester
Trading Venue
Market Maker
1.0 Participant submits quote request
1.2 Quote request is disseminated to dealers
Market Maker
Market Maker Market Maker
1.1 RFQ process validity period starts
Event 1 - Initiation
Market Maker Market Maker
Market Maker Market Maker
2.0 Dealers submit quotes
Requester
2.2 Response is disseminated to the participant
Event 2 - Response Event 3 - Conclusion
Requester
Market Maker
3.0 Participant hits/lifts a quote
3.1 Relevant participant gets an update on the trade.
Others receive a notification.
Market Maker
Market Maker Market Maker

37. Pre Trade Risk Controls
Page 37
Pre trade risk controls (PTRCs) – estimated delivery Q4 2016
• To help facilitate market adoption of LSE on exchange cleared bilateral type trade functionality such as RFQ, Pre trade
risk controls will be available via a GUI for GCMs and CCPs to manage if required.
• Risk Controls will be available on both FIX and Native protocols.
• Drop copies are available via the existing Drop Copy service.
• Risk controls consists of real-time gateway level validations. Alerts can be sent when configured thresholds are breached.
Users can also monitor risk exposure in real time via a web portal where a kill switch is available.
• The web portal is also used to configure users. Although based on the existing Sponsored Access portal, it is functionally
different and independent of the SA controls. A file upload facility will also be available for setting PTR limits. Member
firms can request a read only version of the web portal should they require.
• Limits can be set at Global Level (User ID) and Instrument Group Level (User ID – Instrument Group). Max order values
for each order type and restricted instrument lists can also be set.
• Further details will be available via a service description which will be available in due course.
• To find out more contact your TAM or email the TAM team.

38. London Stock Exchange – Release 9.1
Page 38
Event Date
Customer Technical Specifications
available
August 2016
Release 9.1 deployed to CDS 13 September 2016
Customer Dress Rehearsal 1* 12 November 2016
Customer Dress Rehearsal 2* 26 November 2016
Release 9.1 production go-live* 5 December 2016
*Subject to customer readiness and internal testing

39. Turquoise – Release 9.1
Don Mucha
Manager – Technical Account Management and Market Access
Client Technology Services - UK
London Stock Exchange Group
Page 39

40. Turquoise – Release 9.1
Page 40
Summary of Changes:
• Changes to MinQty behaviour
• Adding tag 851- LastLiquidityIndicator to FIX Execution Reports
• Turquoise Plato Uncross™ identifier on MITCH Trade messages
• Message length increase of the Native Cancel and Cancel Reject
message

41. Turquoise – Release 9.1
Page 41
Additional Information
• Mandatory certification for all Native Trading software in accordance
with London Stock Exchange Group’s certification policy.
• Customers should ensure all MITCH applications have been tested
prior to production go-live.
• Sign-off must be provided by all customers to their Technical Account
Manager before go-live.

42. Turquoise – Release 9.1
Page 42
Event Date
Customer Technical Specifications
available
October 2016
Release 9.1 deployed to CDS End of October 2016
Release 9.1 production go-live* January 2017
*Production go-live date will be communicated in due course

43. TRADEcho
Page 43
Philippe Teillet
Technical Account Manager
Client Technology Services – UK
London Stock Exchange Group

44. What is TRADEcho?
Page 44
• Partnership between BOAT Services and London Stock
Exchange
• Aim to provide MiFID II transparency services by combining the
two existing trade reporting platforms and utilising the
respective strengths of each firm
• TRADEcho will be an APA (Approved Publication Arrangement)
under MiFID II
• Different phases will be introduced for this project

45. TRADEcho Timeline (1)
Page 45
Q4 Customer Testing in CDS
Q1 2017: Go-live
First phase is to migrate all existing BOAT and London Stock Exchange clients to TRADEcho for off-book
trade reporting
+ SI Quoting
+ TRADEcho portal (web based not accessible via the internet)
+ Same universe of instruments as currently available on the London Stock Exchange market plus
some additional BOAT specific instruments
+ Intention for SIX Swiss OTC trade reporting to be supported as it is today for BOAT clients

46. TRADEcho Timeline (2)
Page 46
Additional phases:
• Smart Report Router (SRR)
• Meet your MiFID II reporting requirements early by outsource trade
report persistence and publication logic
• Rules configured easily via the TRADEcho portal and supported by
the key reference data required to trigger rules, removing the need
for internal config updates
• Cleared off book trades
• Evolution of service to support the additional asset classes that are
introduced with MiFID II

47. Technical Overview (1)
Page 47
• TRADEcho Service will be hosted in the London Stock Exchange
Group data centres
• Customers will be able to use existing LSEG connectivity products to
access the service
• Market Data for the new service will be disseminated via the Group
Ticker Plant Service (GTP) only
• Once TRADEcho is live, MITCH will no longer publish off-book trade
report Market Data

48. Technical Overview (2)
Page 48
• Currently the LSE PTGW (Post Trade Gateway) provides 3 functionalities:
•Off-book trade reporting
•OTBD (Own Trade Book Download)
•Real Time TCR (Trade Capture Report)
• OTBD and Real Time TCR will remain on PTGW
• Off-Book Trade Reporting will migrate to TRADEcho
• New gateways - FIX 5.0 SP2 interface
• Introduction of SI Quotes
• Reference data available via the current XLON files and via GTP Instrument
Directory message

49. Technical Overview (3)
Page 49
• Customers will have the option to choose between the LSE or Market Model
Typology (MMT) trade reporting logic
• TradeInformationProtocol (20000) has been added to the Trade Capture Report
message:
• 1 = MMT v3.0x
• 2 = LSE PTGW (default)
• Supported messages:
• MassQuote (i)
• MassQuoteAcknowledgement (b)
• QuoteCancel (Z)
• SuspendQuoting (U3)
• SuspendQuotingStatusReport (U4)
• TradeCaptureReport (AE)
• TradeCaptureReportAck (AR)

50. Technical Overview (4)
Page 50
Multi-service Web Portal will also be provided
• All information submitted through FIX will also be available through the web
portal
• Clients will be able to view, enter and amend their submitted trade reports
and quotes
• Reference data will be available for viewing and downloading
• The updated portal will provide firms with the ability to manage real-time
alerts and generate reports specific to their needs
• Administrative users will be able to set up users and manage permissions

51. Technical Overview (5)
Page 51
• New website dedicated to the service, www.tradecho.com
• The FIX 5.0 SP2 Specification document is now available:
 www.londonstockexchange.com/products-and-services/technical-library/millennium-exchange-technical-
specifications/millennium-exchange-technical-specifications.htm
 www.tradecho.com
• Updated GTP documents available:
 www.londonstockexchange.com/products-and-services/millennium-exchange/documentation/documentation.htm
• Technical Account Management team:
•londonTAM@lseg.com
•+44 (0)207 797 3939

52. MITCH Product
Roadmap
Page 52

53. MITCH Product Roadmap (1)
Page 53
• Group Ticker Plant supports London Stock Exchange Group’s real-time
information services roadmap.
• As announced previously, and as indicated by the decommission of
MDF/DDM-Plus and FIX-FAST, the Group intends to rationalise data
services when it is appropriate to do so. This includes the
decommissioning of the MITCH market data protocol.
• Following go-live of Group Ticker Plant Phase 2.0 services, and following
feedback from customers, the Group can now share the roadmap for the
MITCH product. Please note that this is indicative only and the Group is
keen to receive feedback.

54. MITCH Product Roadmap (2)
Page 54
• The below roadmap applies only to London Stock Exchange MITCH
implementations. There is no current plan to decommission Borsa
Italiana, EuroTLX and Turquoise MITCH services.
• We ask customers to confirm if the roadmap is achievable by November
2016.
February
2016
Group Ticker
Plant Phase 2.0
services made
available to
customers.
November
2016
MITCH client
onboarding
ceases. LSEG
will not permit
additional new
MITCH
customers.
January 2017
Formal
contractual
notification of
MITCH
decommission
February 2017
onwards
Customer
decommissioning
plans in
progress, with
support from
Technical
Account
Management.
June 2017
MITCH
decommission
for London
Stock
Exchange
markets.

55. Exactpro - Open Access
Software Testing
Iosif Itkin
CEO
Exactpro Systems
London Stock Exchange Group
Page 55

56.  Exactpro Timeline
 Global Client Network
 Quality Assurance Areas Covered
 Software Testing Tools
 Functional Testing Scope
 Execution Venues
 Market Participants
 Software Testing Ideas
 Passive Verification and Clients Onboarding
 Test Harness for Algo-Trading Systems
 Tools and Methods of Program Analysis Conference
 EXTENT Software Testing Conference
Contents
Page 56

57. Steady Growth Thanks to
Unparalleled Service and Dedication
Page
57
Exactpro is: Clients Worldwide:
• A specialist firm focused on functional and non functional
testing of systems that process wholesale financial products,
particularly market infrastructure
• A UK company with operations in the US and four QA &
software development centres in Russia
• Part of London Stock Exchange Group as of May 29, 2015
• Incorporated in 2009 with 10 people, our company has
experienced significant growth as satisfied clients require
more services; now employing over 380 specialists
Page 57

58. Toronto
New York
Tysons Corner
Montreal
Portland
Seattle
Dubai
Colombo
Johannesburg
Sydney
Singapore
Hong Kong
Moscow
Oslo
Paris
Milan
Athens
Vienna
London Amsterdam
A specialist firm operating an open access model
with focus on functional and operational testing for global financial markets worldwide
A UK company with operations in the US and four QA &
software development centres in Russia
Part of LSEG Since May 29, 2015
Incorporated in 2009 with 10 people, our company has
experienced significant growth as satisfied clients require
more services;
Now employing over 380 specialists
Open Access Quality Assurance
A Global Client Network
Page 58

59. Quality Assurance:
test planning and
management
Process audit and test
coverage analysis
Intelligent
Management
of Large Data Sets
Test data management
Protocol level testing using
FIX/FAST, SOAP, HTTP, ITCH,
SWIFT, MQ, SQL, proprietary
binary and text based
data formats, etc.
Automated regression
testing
Gathering requirements
and test scenario creation
(human, message & reporting
interfaces)
Creating and productizing
state-of-the-art
test harnesses
Test automation
Intelligent functional and
exploratory testing
Latency & capacity
testing
Covering All Aspects of
Software Delivery Life Cycle
Page 59

60. Automated testing
Compares intended and received
results
Automated end 2 end
clearing system testing
Automated monitoring,
analysis and reporting
75K messages / second from a single CPU core
Measures latencies in microsecond range
A variety of algoes simulating end-clients
will run and see how system performs
We Build Software to Test
Our Clients’ Software
Page 60

61. Our Experience in
Market Infrastructures Testing
Our experience in market infrastructures
testing embraces all components and
operational processes. Unique tools have
been used to test a wide variety of vendor
platforms. A holistic integrated automated
test solution for trading, clearing, settlement
and other systems
Page 61

62. Software Testing for
Brokerage Systems
Page 62

63. Passive Software Testing
Passive testing is a process of finding defects in a system under test done by investigating its behaviour without affecting its normal operation.
Passive testing tools are used for automated log collection, data structuring, monitoring, system behaviour analysis and user certification. Test tools
allow promptly analysing high volume of data, reacting to deviations in the system’s behaviour from requirements and troubleshooting
Page 63

64. Migrating a Clients FIX Customer
Base to a New Trading Platform
In contrast to exchange platforms, broker systems
normally allow a much wider range of possibilities
for tuning the protocol for interaction with client
systems.
One client can concurrently use several brokers
for accessing an exchange. Brokers often try to
reduce the number of changes in communication
protocols which a particular client must implement.
This approach simplifies client interaction and
leads to the existence of a large number of
heterogeneous configurations on the broker
platform end. If the internal changes of the broker
platform take place, a need in a regression test
occurs to verify compatibility with the client
systems.
The developed tool allows processing of existing
data from test and production environments and
creating the needed library of active testing
scenarios.
Production logs are loaded into the certification
testing tool’s data base. The script generator is
using the data base for creating a sequence of test
scenarios performed by an active test tool for
functional testing. Logs generated when test
scenarios are executed are loaded into the data
base to compare them with production logs.
Page 64

65. Reference Test Harness for
Algo-Trading Systems
One of the essential parts of algorithm testing, based on
regulator requirements, is specific testing in a non-live
trading environment. This would allow those involved in the
certification process to make a correct assessment of
algorithm risk, profitability and efficiency
Page 65

66. Run Your System Against
Competing Algo-Trading Strategies
The Minirobots tool, developed with the idea of simulating
real traders' behaviour in mind, is able to make decisions
under specific market conditions in a common fashion, but at
the same time has a certain degree of autonomy. Depending
on what the testing needs are, each of the robots can act
independently or jointly executing a particular trading
strategy or simply replaying a stored list of orders.
Page 66

67. Software Engineering Conferences
• Competing conference papers go through a review by a number of leading software
development and analysis experts and scientists
• The best papers are recommended for their inclusion in Russia’s leading professional and
scientific publications
The fourth TMPA conference in March, Moscow, Russia
Find out more: www.tmpaconf.org
Renowned experts in program engineering speaking on:
• software test automation
• static program analysis
• verification
• dynamic methods of program analysis
• analysis of parallel and distributed systems
• testing and analysis of high-availability systems
• analysis of hardware and software systems
• methods of building quality software
• tools for software analysis, testing and verification
Page 67

68. Software Testing Conferences
The sixth EXTENT conference will be held in
London, UK .
Find out more:
www.extentconf.com
– LSEG Technology and Quality Assurance
– Risk controls and FPGA
– Market Surveillance systems
– Blockchain and trading technology trends
– Artificial intelligence
Thank You
Page 68

69. TUG presentation link: http://www.londonstockexchange.com/products-and-services/technical-library/technical-user-group/technical-user-group.htm
Page 69
Q & A