Welcome to Marquis Business and Technology Solutions

Case Studies

Case Study 1

A large Government Sponsored Entity uses Finastra’s FusionCapital Summit for Debts, Derivatives and Liquidity trade processing.

FusionCapital Summit is a cross-asset front-to-back solution specializing in derivatives and structured products for global investment banks.

Summit FT is a complex trading platform and has over 130 active clients globally. The current release is the accumulation of over 20 years of derivatives market experience and growth.

  • Software is now delivered on a bi-monthly Service Packs schedule
  • Bug fixes for all clients, along with new features, are now part of the core offering
  • More frequent regression testing is required to stay current

The client had a long test cycle which is conducted by multiple QA Analysts. Testing was manually intensive, long, error prone and costly.

Attempts were made towards an automated solution but was abandoned when proved unstable and unreliable. Marquis was asked to provide a solution.

Marquis built an automated test harness using its flagship testing framework, MARS, to expedite error detection. As a result, much less human power was required to identify issues. Human effort was repurposed to troubleshooting and remediation of defects.

The framework performed functional regression testing of the Summit User Interface and, with added Java driven engines, performs non-functional regression of key table database tables (such as dmPOSTINGEVENTS, dmASSET, dmENVELOP), extracts, documents (such as Wires, Inception, Advices, etc.) and reports (such as Expected Payments, PLUPD, etc.)

Marquis' test automation framework tremendously expedited the test cycle allowing for fast error detection and troubleshooting. The end-to-end test cycle, comprising functional testing of the GUI and non-functional testing of key components, was reduced from six weeks to one week. A team of three analysts took three weeks to compile the nearly 1000 test case using the user-friendly framework.

The framework design allows for distributed test execution. With this the harness was divided by asset class and parallel execution of test cases. The test execution time for entire harness of approximately 800 functional test cases took approximately twenty hours.

"Marquis built a robust framework around the prior production release of Summit FT. The test harness from this release formed the baseline for regression testing of the target version of Summit FT. With minimal update to the framework, the execution of the test harness for the target version was done in record time."

Case Study 2

A large Wealth Management Company using two instances of their Trading System for front-to-back processing of Interest Rate Derivatives and Fixed Income Securities and Repurchases.

Customer needed to consolidate on a single instance of Trading but in order to do so one instance needed to be upgraded followed by a merging of both instances.

In prior upgrade customer experienced long test cycles, which were conducted by multiple QA Analysts. Testing was manually intensive, long, error prone and costly.

Developed scripts and utilities to export, validate, consolidate and import data into the parent system.

  • Data included:
    • Trade, including audit histories
    • Static Data
    • Historic Market Data
    • Account postings

Built Automation Test Scripts containing a total of 16,000 Test Steps (~600 Test Cases), covering:

  • Functional Regression of Life Cycle Events:
    • Swaps, Swaptions, Cap, Floor, FRA, Exotic, Bonds, Repos
    • Payment Instructions
    • Auto Rate Reset
    • Schedules (Cashflow, Exercise)
    • Derived Data
    • Defaulted Data
    • Risk Measures
    • Workflow
    • Referential Data (Customer, Bond Definition and Settlement Instructions)
  • Regression Test Extracts, Reports and Documents:
    • Accounting Regression over 5 logical Date Rolls (Including Weekend and Month End Scenarios)
    • Twenty five core and custom reports and extracts
    • Custom Reports
    • Documents (Inception, Payment and Reset Advices, etc.)
    • Database Entities Regression Test
  • Development and validation of data migration scripts: 2 Months including obtaining user approval and sign off.
  • Test Case Planning, Design and Build - Duration: 3 Months (include converting manual test steps to MARS recognizable format)
  • For UI Regression
    • Duration to run and create baseline: 24 Hours
    • Duration to run regression against baseline: 24 Hours
  • For File Regression: 24 Hours (done in parallel with UI testing)
    • Accounting Postings Regression
    • Database Entity Regression
    • Batch Files Regression
  • Defect tracking and Management: 10 Days (including review and trouble-shooting)

Case Study 3

A large financial services company with over a trillion USD in Asset Under Management, had a requirement to implement SOFR index into their Trading and Risk Management System.

A new benchmark reference rate, the Secured Overnight Financing Rate (SOFR), is positioned to transform USD based financial markets, marking a transition from the London Interbank Offered Rate (LIBOR). Company embarked on initiative to enable Summit FT for derivatives trading on the SOFR Index and to convert the discounting index from LIBOR to SOFR for existing derivatives portfolio.

Marquis used the following phased approach for the SOFR enablement:

    • Established project team and governance
    • Reviewed the consolidated project plan and strategy
    • Performed gap analysis of production Summit FT version and SOFR requirements
    • Analysis and Requirements
      • Impact on upstream/downstream feeds (Summit data model changes)
      • Sourcing new market data & reference rates
      • Quantify portfolio valuation and risk impact
      • Impact to functional areas: FO, Ops, Risk, Finance, Regulatory
    • Configured Summit for SOFR
    • Developed Simulation and Trade Conversion Tools
  • TEST
    • Conducted QA, SIT, UAT
    • Planned and rolled out to production environment
  • Configuration for new index required software patches. This triggered the need for regression testing in addition to QA testing for the new index.
  • Project Duration: Environment was enabled for SOFR trading in four months. This included configuration for real time market data, pricing validation, documentation template, and enhancement to interfaces.