Belfast-based trading technology specialists Neueda has launched Scrutiny, a front-office applications test automation platform that allows trading firms to reduce time to market and cost of ownership. The release marks a significant step by the services-led provider into a more product-led strategy with a pipeline of additional capabilities for future release.
Neueda specialises in helping trading firms and fintech suppliers as they build trading-related systems, architectures and applications. The company, which started in 2006, launched its capital markets practice in 2015 with 20 or so staff. It now has more than 150 employees and associates dedicated to helping customers in the trading and investment space, particularly around the electronic trading, exchange systems and regulatory technology segments.
Scrutiny can allow trading firms to analyse their development processes and architectures to identify testing automation opportunities that can streamline system implementation and product releases.
According to Colin Pattison, managing director of capital markets at Neueda, “Scrutiny combines three elements – process, people and technology – to provide a strong foundation for building automated test solutions. We begin by carrying out a detailed analysis of our customers’ processes and architecture, to identify an automated test approach and process efficiencies. Leveraging our technologies, we develop solutions that facilitate test automation. We work with customer teams to optimise development process, removing the need for manual testing and ultimately improving productivity for the customer.”
Neueda has developed a number of products and frameworks to facilitate test automation, including its Etiqet and Exchange Simulator solutions. Etiqet is an Open Source test automation framework, developed in Cucumber and designed to make testing of front office messaging applications easier. Etiqet is released under the MIT license;
Etiqet software can be accessed via https://github.com/blu-corner/etiqet.
Neueda’s Exchange Simulator, meanwhile, is an exchange matching and connectivity simulation environment that replicates the behaviour of global exchange platforms. Exchange Simulator provides a full matching environment with order entry and market data interfaces for multiple exchange protocols including LSE Millennium, FIX, Deutsche Boerse Xetra, Nasdaq Ouch and Euronext Optiq. It offers a repeatable test environment and the ability to configure complex market scenarios.
Since the launch of its capital markets practice, Neueda has been quietly working with clients on software development and provision of managed services in the electronic trading and middle-office environments. According to Malachy O’Neill, managing director of Neueda North America, the company works with financial institutions of all kinds to help them build applications and run them on a day-to-day basis. It also helps fintech firms build products that are ready for market, based on Neueda staff’s expertise in the space.
Neueda typically takes one of three approaches with client projects. In a customer-led approach, Neueda works with a client’s internal teams, usually at the client site. In a Neueda-led engagement, the company manages the project or management team alongside client resources as required. Finally, in a Neueda-owned engagement, the project is outsourced entirely to Neueda, often run from its centres in Belfast or Malaga, Spain.
For the year ended March 2018, O’Neill says, Neueda reported revenue of £19 million. The company says its customer base is comprised of global investment banks, broker/dealers, market-makers, fund managers, exchanges, vendors and fintech companies.
Typical projects include developing or enhancing customer applications and the delivery of managed services related to front office electronic trading. These include market data normalization / APIs; order entry, OMS, EMS integration; risk filters – pre and post trade; FIX protocol / FIX engines; venue connectivity gateways; trade Surveillance / total conduct; and customer on-boarding (FIX certification).
In the electronic trading space, Neueda has helped clients solve issues relating to venue connectivity, cross asset trading, and messaging platform integration. It has also helped clients with UX Design for FX trading platforms.
O’Neill says the company counts as its clients a number of Tier 1 investment banks, which are using the company to build and maintain order management, trade surveillance and other core trading systems. It also works with established suppliers looking to outsource development and maintenance of their products.