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Testing Services

Capital Markets Testing Services: Domain-Focused, Risk-Ready

Using PhiFIX’s Capital Markets Testing Services you can be sure you will not only deploy quickly and securely, but that your deployment is as compliant as possible. PhiFIX’s Capital Markets Testing Services is designed for the complicated interplay between systems that financial institutions deploy. Domain-focused testing combines deep subject matter expertise, an extensive set of testing frameworks, and multi-protocol validation to ensure robustness throughout trading workflows.

  • WHAT WE DO

Testing Offerings Overview

01

Domain Validation

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Using PhiFIX’s domain validation offering allows you to be sure that business rules and workflows execute within your capital markets systems:

  • Validates trading flows, allocation logic, and post-trade workflows
  • Ensures the integrity of messages through each stage of the order lifecycle
  • Identifies domain-specific anomalies early in the development life cycle
  • Provides the ability to simulate real-market scenarios
  • Allows front-to-back integration of systems to be confirmed

02

Protocol Validation

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PhiFIX provides robust testing for industry-standard and proprietary financial protocols:

  • FIX, SWIFT, FpML, ITCH/OUCH protocol validation
  • Validates integrity of buy-side to sell-side messages
  • Validates new order, cancel/replace, fill, drop copy
  • Validates allocation and confirmation message flows
  • Validates error handling and recovery scenarios
  • Throughput and latency tested under high-volume scenarios
  • Supports custom protocol extensions
  • Regulatory validation support (MiFID II, SEC, SEBI)

03

Migration Service Validation

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Perform pre and post migration validation to ensure all migrations or system changes are as seamless as possible.

  • Validates data mapping, transformations and business logic
  • Baselines comparisons and benchmarks behaviour
  • Supports versioned improvements or legacy to modern migrations
  • Simulated trading during the cutover
  • Identifies regression risks and dependency gaps
  • Migration readiness scoring and rollback validation

04

UAT (User Acceptance Testing) Validation

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Validate real-world functionality and user workflows before going live:

  • End-to-end functional validation using client scenario’s
  • Holds business rules in production-like environments
  • Confirms the readiness of front-office and back-office environments
  • Has regulatory reporting checks and operational workflows
  • Captures UI/API exceptions, latencies and environment mismatches
  • Test coverage mapped to business use cases and KPI’s

Why Capital Markets Choose PhiFIX

  • Multi-protocol support (FIX, SWIFT, FpML)
  • No-code functional test cases for the full trading lifecycle
  • Automation-enabled execution of test cases with analytics
  • Expert-built frameworks supporting reuse and scalability
  • Near real-time defect tracking and RCA
  • Custom test accelerators built for cost and speed
  • Flexible engagement models – on-prem, hybrid or cloud
  • Reports aligned with regulatory obligations (MiFID II, SEBI, Dodd-Frank)

Why Capital Markets Choose PhiFIX

  • Capital Markets domain workflows
  • Clearing & Settlement systems
  • FIX Protocol and API-based validations
  • Pre/post-trade message integrity
  • Post-trade reporting and compliance
  • Front office to back office coverage
  • Order management systems (OMS/EMS)
  • Migration/upgrade & regression testing
  • Load & stress testing for exchanges
  • Regulatory alignment and audit-ready

FAQs

What do your testing services include?

From functional and regression tests to compliance and performance checks.

Why outsource instead of testing in-house?

We bring ready-made tools and expertise, so you save time and avoid blind spots.

Do you cover global venues?

Yes, from U.S. and European exchanges to Asian markets.

Can you validate regulatory workflows?

Absolutely. We test both trading and reporting flows.

How much faster is outsourced testing?

With automation, testing cycles are up to 60–70% faster.