Upgrading reporting systems to comply with EU markets in financial instruments directive II
To comply with EU Markets in Financial Instruments Directive II (MiFID) regulations, a global financial services provider needed to upgrade its reporting systems, but with its existing in-house development team being unable to deliver a working system on time, the client was concerned that it would fail to meet its regulatory deadline.
With the existing in-house development team spending considerable time fixing defects instead of delivering functionality and Scala reports (written on a Spark cluster) being insufficiently tested, BJSS introduced the Enterprise Agile® delivery approach. This helped bring the project under control, improve the quality of deliverables, and enforce prioritization based on business needs.
The BJSS team built a Continuous Integration environment to reduce defects, including automated testing using the Cucumber Open-Source framework. BJSS quickly increased test coverage, reduced defects, and stabilized the codebase to allow for new functionality to be added quickly and reliably.
Additionally, the team implemented Scala unit tests to test the Big Data algorithms. We used Mock and Production-like data sets to ensure that all scenarios could be tested. Test development, execution, and statuses were tracked end-to-end, and all new functionality was added in a test-driven manner.
The client needed to achieve MiFID II compliance within the statutory deadline. The upgrade project was rescued and delivered on time, allowing the client to avoid regulatory sanctions and adverse publicity.
Using the BJSS Enterprise Agile delivery approach, the system remains operationally stable, and it continues to satisfy the requirements of our client’s regulators.