MiFID tech unit JWG-IT establishes financial services testing group

Source: JWG-IT Group

JWG-IT Group Ltd., the think-tank for EU-driven IT change in financial services, has set to resolve a critical industry gap through the formation of the Financial Services Testing Group (FSTG).

This special interest group will leverage the insights of senior industry experts to develop appropriate tools and services that address the complex testing challenges MiFID presents by Q2 2007.

FSTG is actively working with JWG-IT to create its own specific testing-related Intellectual Property (IP) based upon JWG-IT think-tank content. The four founding members Facilita, SDLC Solutions, Testing Circle and T-Plan ­ are all leading IT testing organisations in their own right and will be focussed on providing firms with an essential first point of call for any MiFID testing requirements.

It is critical that firms get their testing strategies and plans together early as the longer they wait, the more costly it will be downstream. Research suggests that the cost of MiFID IT implementation, in the UK alone, is set to surpass £1 billion, with typical UK investment banks spending upwards of £10 million, added PJ Di Giammarino, Founder and CEO of JWG-IT.

At JWG-IT we've worked with over 25 leading financial institutions that have dedicated over 100 man days of effort to define the detailed, practical operating models and reference implementation plans that MiFID requires.
The new FSTG will provide firms ways to test MiFID better, faster, cheaper and with less risk between now and November 2007. We look forward to working with this specialised community to help execute a very complex change programme across 31 markets in 200 working days.

With MiFID, IT system performance isn't just a competitive differentiator, it's an essential part of any successful MiFID-compliant operation, so there's no room for uncertainty as organisations such as investment banks, portfolio managers, stockbrokers and corporate finance firms roll out their MiFID services in the run-up to the November 2007 deadline, commented Peter Greenwood, Managing Director of FSTG¹s founder member, Facilita. JWG-IT's FSTG will prove an invaluable testing resource for organisations needing to be certain that they can deliver the best execution that MiFID requires.

Performance-related issues will of course be absolutely fundamental to the success of an organisation¹s MiFID implementation. However, we also need to focus on the value of the solution just because a system is running fast doesn¹t mean it's necessarily doing the right things.

MiFID introduces a number of complex changes to the EU Capital Markets in parallel as firms now have to prove that they offer suitable and appropriate products and services, provide best execution, and publish trades to both regulators and regulated markets. IT infrastructure has a major role to play in ensuring an orderly transition to MiFID because of the sheer volume, speed and complexity of the information required.

Financial Services Testing Group founding members:

Formed in 1989, Facilita is a leading UK supplier of IT performance and load testing tools and solutions, and has delivered many performance engineering solutions across a range of capital market applications such as trading systems, order routing, low latency data services; working with financial institutions as well as IT systems integrators and testing consultancies. Facilita backs its portfolio of testing tools with comprehensive professional services, providing cost-effective, enterprise-class testing solutions. Facilita works closely with an expanding network of partners to add value to their own testing offerings.

SDLC Solutions has a great track record of delivering value to clients with a comprehensive range of services including high-level business consultancy to test planning, preparation and execution. It has a wide experience in the finance industry that makes it ideally placed to assist with MIFID initiatives and its consultants bring a high level of technical and strategic proficiency including SAP and other ERP solutions, Test Methodologies and Test Automation.

Testing Circle is a leading provider of Software and Systems Testing Services to the Capital Markets throughout the UK and Europe. The Company's focus is providing Testing Resources, Training and Independent Consultancy.
Their MiFID capability is centred on providing appropriate, practical and affordable operational and IT approaches to the emerging regulatory challenges. Testing Circle delivers total quality assurance to company-wide IT infrastructures by providing best-in-class test planning, toolsets, test execution and people resourcing to areas affected by this legislation.

T-Plan are leading experts in Test Management process and software. The initial release of T-Plan was in 1990 for one of the largest banking organisations within the UK. T-Plan has continued to enhance its product offering in line with customers needs and business legislation whilst T-Plan's specialist test management tool and methodology ensure that critical applications can be developed, tested and launched successfully.

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