Case Study



  • NSEIT partnered with NCDEX to ensure that the roll out of the New Trading & Surveillance system is First Time Right and that NCDEX was able to achieve the benefits of Low Latency via this Next Generation Trading & Surveillance System.

About client

NCDEX is a commodity Exchange company, dedicated to promoting commodity trading in India. It is the only commodity exchange in the country promoted by national level institutions. This unique parentage enables NCDEX to offer a bouquet of benefits, which are currently in short supply in the Indian commodity market. The institutional promoters and shareholders of NCDEX are prominent players in their respective fields and bring with them institution building experience, trust, nationwide reach, technology and risk management skills.


NCDEX wished to replace their existing Trading System with a new Trading and Surveillance system provided by MIT (Millennium Information Technologies). This new system is implemented using FIX protocol.

Apart from testing the basic functionalities of the system, NCDEX also wished that to ensure that the following features/capabilities of the new system are tested:

  • Efficiency and Low Latency capabilities of the system in providing Matching

  • Order handling capabilities of up-to 1,000 orders per second

  • Real time order and trade monitoring

  • Capability of the Surveillance system to pinpoint any activity or set of activities that deviate from the Fair and Ethical trading framework in real time.

  • Use Verifix Testing tool to build an automation test pack which can be used for regression testing.

NCDEX awarded testing of the MIT Trading and Surveillance system to NSEIT. In addition NCDEX also awarded the Program Management of this program to NSEIT.


  • Changes in business logic leading to extended testing cycle.

  • Introduction of new functionalities like Calendar spread & Multi leg.

  • Building knowledge level within the team and ensuring spread of the knowledge across the team members.

  • End to end integration testing involving multiple systems and stakeholders.

  • The vast scope of testing and the time period available for completing the same.


  • Governance - Apart from instituting the Testing and Program Management Team, NSEIT also setup the process for conducting Joint Steering Committee Meetings to monitor the progress of the project. The NSEIT team was at the forefront of coordinating across the vendors, stakeholders of peripheral systems and client’s management team to achieve cohesive working unit that worked towards achieving the expected Quality from the system and ensured that the schedule was adhered to.

  • Process

    • NSEIT worked closely with the Business Analysts to prepare the Test Cases that closely resembled the Business scenario.

    • NSEIT clearly demarcated every test artifact for ease of access and maintenance.

    • Instituted a process of publishing Test Reports with each iteration and ensured that these reports were reviewed and agreed in the Joint Steering Committee

    • NSEIT held Joint Test Cases Review sessions with the required stakeholders.

    • Proactive engagement of internal and external stakeholders to ensure that the Risks in the horizon do not materialize into Issues.

    • Development of automation test pack (in Verifix) helped shorten the time required to release code changes/bug fixes.

  • Knowledge Management - In spite of the various crises in day-to-day activities, NSEIT ensured that Knowledge Base was constantly being created/updated and conducted cross training across the team thus successfully preventing dependency on any individual resource. NSEIT also ensured that the team members were gaining maturity and perform the role of Subject Matter Experts (SMEs).

  • Testing Tool - NCDEX preferred Verifix as a Functional and Automation Testing tool. Within a very short timeframe, NSEIT was able to understand Verifix tools’ capability to test “FIX Gateway” on MIT matching engine and provided a quality delivery.