London software testing news UK


Project Boat in user acceptance testing (UAT)

Posted in Acceptance testing by testing in London on August 21, 2007

From Financial News

Project Boat, the trade reporting consortium owned by 15 of the largest investment banks, spent most of the past 12 months quietly going about its business because attention has been focused on trading initiative Project Turquoise. But all may not be plain sailing as Boat nears its destination.

The project, which was originally led by Merrill Lynch with the backing of eight of its largest rivals, including Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS, aims to take advantage of new European Commission rules coming into effect on November 1.The Markets in financial instruments directive (Mifid) outlaws concentration rules, mandating brokers to report trades to a recognized trading venue, whether or not the trade is executed OTC or on the exchange, effectively opening the exchanges’ trade reporting businesses to competition.

Project Boat was overshadowed last November when seven of its banks announced they were also working on a parallel platform for trading, a move that challenged the main trading revenues of Europe’s top stock exchanges.

Hindsight suggests Boat may have benefited from this. Whereas Turquoise has found neither a technology provider nor a chief executive, despite an exhaustive search, Boat in January announced its technology partners – Markit Group, a data vendor, and Cinnober, an exchange system specialist – and in June confirmed another six banks – Barclays Capital, BNP Paribas, Dresdner Kleinwort, JP Morgan, Lehman Brothers and the Royal Bank of Scotland – had joined as shareholders on an equal footing to the nine founding partners.

The consortium has been careful never to commit to a live date but sources close to the banks said last week they have circled November 5 for full live running, a date that gives the banks the preceding weekend to finalize their internal system tests. User acceptance testing began as planned.

A consortium member said last week he was “delighted” with the progress made by Boat this year. He said: “We are slightly ahead of schedule in achieving our objective and there is no doubt we will meet the deadline. The platform provided by Cinnober is well within target, with the final release having been received in July. Testing is progressing well and parallel running can be expected to start about the end of August, as projected. All the major market data vendors are signing up agreements to take and distribute the data provided through Boat.”

Whether the consortium banks can resist the temptation to subjugate their rivals in the same way the exchanges lorded it over them is a question only they can answer. But it is easy to understand why the industry, particularly the banks’ fund management clients, are skeptical.

2 Responses to 'Project Boat in user acceptance testing (UAT)'

Subscribe to comments with RSS or TrackBack to 'Project Boat in user acceptance testing (UAT)'.

  1. amcharrett said,

    Any one need some cross browser testing??

  2. Nand Kishore said,

    As a specialist, we can help in user acceptance testing for banks


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