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

• XXX

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:

• xxx

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

Key Quantum Functionality:

• xxx

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.

Key Quantum Functionality:

• xxx

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

Key Quantum Functionality:

• xxx

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