Legal Team and Compliance Team

Compelling Rationale:

• Need for comprehensive regulatory testing

• Need for regulatory oversight of regulatory test compliance

• Need for a factual matrix organizing current and historical regulatory texts

• Need to associate testing evidence to regulatory representation

• Need for knowledge of usage of the regulatory interpretation and meta data in practice

• Need to review T-1 Surveillance output

Use Cases delivered by Quantum:

• Automated regulatory testing globally across regions on a single platform

• Sign off on factual matrix, linking regulatory text to Quantum Reg tests

• Ability to add metadata to tests

• Sign off on entitlement levels and attestation for regulator matrix and all Reg tests

• Ability to address trading patterns that may arise and suggest breaches of Regulatory and Market tests

Venue Connectivity Team & FIX Connectivity Team

Compelling Rationale

• Poor venue test systems today; Limited access / determinism creates conformance errors

• Incapable of End2End 360° testing of the entire execution application stack

Key Quantum Functionality:

• 24/7, multiple simultaneous instances

• Enables new and old venue testing (A/B splits)

• Easily creates non-functional scenarios & error behaviours

• For FIX testing, Quantum offers more realistic venues than current onboarding software providers

Use Cases delivered by Quantum:

• Pre conformance testing - Venue and FIX

• Testing functional internal changes

• Testing functional upstream changes

• Testing functional exchange side changes

• Stress testing

• Operational scenario testing

• Team executive signoff

Client Onboarding Team

Compelling Rationale:

• Client connectivity with the full stack, including defensive system rules

• Realistic client experience, by market and by flow. The full set of markets allows the client to get representative testing

• E2E allows the client to test permutations of Algo, SOR and other custom tags, with full market(s) interactivity

• Internal configuration and custom/turn around tag testing

• Non-functional testing / stress testing (both internal/to client)

Use Cases delivered by Quantum:

• Testing of functional client onboarding system changes

• Testing of functional changes on the buyside customer systems

• Testing due to downstream changes (integration testing)

• Stress testing

• Operational scenario testing

• Security testing

• Team executive signoff

Market Data Team

Compelling Rationale:

• Venue test solutions often poor, with Limited access / determinism allowing conformance errors

• Market data availability is often a blocker for Unit and End2End testing

• It can be difficult & costly to develop solutions internally

Key Quantum Functionality:

• Quantum allows multiple simultaneous instances (if ticker plant allows)

• Quantum enables new and old venue testing - A/B split

• Quantum easily creates non-functional scenarios & error behaviours

Use Cases delivered by Quantum:

• Pre conformance testing with venue and vendor

• Market data quality testing

• Testing connections due to internal market data ticker plant changes

• Testing due to downstream changes (integration testing)

• Stress testing

• Operational scenario testing

• Security testing

• Team executive sign off

SOR and OMS Teams

Compelling Rationale:

• SOR/OMS interfaces at investment banks are typically proprietary, with the necessary bespoke development delivered by Quantum’s Partners

• Quantum can also work with trading technology providers to develop integration packages for their clients

Key Quantum Functionality:

• Quantum offers multiple interactive venues, simultaneous testing instances, and the realism, determinism, venue routing and range of order types required by sophisticated clients

• Quantum provides easily configurable market data scenarios, tuned to each client and each user

Use Cases delivered by Quantum:

• Optimization testing

• Testing of functional SOR/OMS changes

• Testing of functional upstream changes (integration testing)

• Testing of functional downstream changes (integration testing)

• Stress testing

• Operational scenario testing

• Team executive signoff

Algo Development Teams

• Need to be able to develop and implement algos quickly and robustly against market infrastructure

• Need to ensure that algos perform and behave across a range of market scenarios

• Need to stress their algo performance against market conditions

• Need detailed feedback from the market as to performance and regulatory criteria prior to algo release

Key Quantum Functionality:

• Quantum offers multiple interactive venues, simultaneous testing instances, and the realism, determinism, venue routing and range of order types required by sophisticated clients

• Quantum provides easily configurable market data scenarios, tuned to each client and each user

• Quantum’s proprietary Algo Container allows bypassing of internal full trading stack to receive orders and send market data

• Quantum users can Iterate algorithm parameters in parallel via multiple simultaneous instances

• Quantum provides on-demand, earlier access to market data scenarios, both historical and synthetic

• Speed algo to market by moving model validation & compliance checks upstream

Use Cases delivered by Quantum:

• Optimization testing

• Testing of functional SOR/OMS changes

• Testing of functional upstream changes (integration testing)

• Testing of functional downstream changes (integration testing)

• Stress testing

• Operational scenario testing

• Team executive signoff

Quant Development Team

Compelling Rationale:

• Need to be able to test and demonstrate the impact on the market of their strategy hypotheses and development

• Need to be able to measure different execution outcomes and execution profiles in complex markets and across different market scenarios

• Need to be able to provide evidence of the market impact created through their strategies and ensure that they didn’t create market disruption through the implementation of those strategies

Key Quantum Functionality:

• Quantum offers multiple interactive venues, simultaneous testing instances, and the realism, determinism, venue routing and range of order types required by sophisticated clients

• Quantum provides easily configurable market data scenarios, tuned to each client and each user

• Quantum offers each user the ability to configure, customize, and save multiple execution impact scenarios

• Quant users can Iterate algorithm parameters in parallel via multiple simultaneous instances

Use Cases delivered by Quantum:

• Market signal research with simultaneous testing instances

Infrastructure Teams

Compelling Rationale:

• Need for testing environments that are truly representative of real global trading ecosystem

• Need for key infrastructure testing for vendor systems (e.g. Market data, connectivity)

• Need for key internal testing for external client configurations, external exchange connections and market data systems

• Need to replay of production issues in a safe environment which may have interacted with infrastructure specifically

Use Cases delivered by Quantum:

• Scenario testing

• Capacity planning / testing

• Connectivity testing

• Team executive signoff

Product Support Team

Compelling Rationale:

• Need for Representative environments with the full stack, including end to end external connectivity, which can be used to debug production support investigations.

• Control points and gates for older systems as part of a repeatable automated test cyle de-risk production releases.

Use Cases delivered by Quantum:

• Scenario testing

• Incident triage - replaying previous data to understand live & historic issues in an easy, expedient way

• Team executive signoff

Model Validation Team and Market Risk Team

Compelling Rationale:

• Need for a full system stack test with evidence of business flow testing, allowing immediate internal investigation for compliance and regulatory adherence

• Need to easily generate quality defensive audits prior to regulator investigations

• Need ability to quickly act on findings and track/enforce remediation or required actions

Use Cases delivered by Quantum:

• Evidence of successful regional and local reg tests

• Digitally signed and dated evidence of tests before release

• Sign off on validity of Quantum Reg tests

• Ability to create custom Reg tests

• Validation that all pertinent that all regulatory test were run as expected

• Team executive signoff