CSC and MIAX Technologies Target Faster, Cheaper Apps Testing for Trading Desks
News Release -- November 19, 2015
FALLS CHURCH, Va. and PRINCETON, NJ, November 19, 2015--CSC (NYSE: CSC), a global leader in next-generation IT services and solutions, and Miami International Technologies, LLC (MIAX Technologies), a wholly owned subsidiary of Miami International Holdings, Inc. and affiliate of Miami International Securities Exchange, LLC (MIAX), today announced they are teaming up to help capital markets clients improve the efficiency, reliability and quality of their applications testing and quality assurance.
Together the two companies will bring to market the CSC/MIAX Technologies “Verify” solution, which promises to help financial services firms improve quality and time-to-market of new software releases, while significantly reducing testing costs.
Banks and capital market firms today are struggling to keep pace with the increasing demands placed on IT and applications testing capabilities by businesses, customers, and regulators. The most critical front-and back-office applications supporting a trading desk ecosystem, for example, regularly experience changes or upgrades requiring functional and compliance testing before they can be deployed. Compounding the problem, many investment banks and trading desks still approach applications testing manually.
To stay competitive, financial services firms not only need to shorten release cycles by improving the quality of code, but also stem rising quality assurance and testing-related expenditures, which have grown significantly over the last few years and continue to grow at an accelerated rate.
“The Verify solution is a MIAX patented testing process that helps banking and capital markets clients speed time-to-market and dramatically reduce costs,” said Mike Steinharter, vice president & general manager, banking & capital markets industry, CSC. “The solution, currently in use by the MIAX Options Exchange, helps financial institutions quickly respond to market changes and customer needs confidently and cost-efficiently with new product releases.”
“In addition to improved quality, efficiency and dramatically lower testing costs,” said Doug Schafer, chief information officer and president of MIAX Technologies, “the Verify framework has helped the MIAX Options Exchange to create a culture of risk mitigation and compliance by enabling repeatable and defined processes that are supported by an automated audit trail.”
The Verify framework provides automated, continuous validation of the entire ecosystem, regardless of asset class or underlying client infrastructure. This allows other business stakeholders such as quality assurance, risk management and compliance to leverage it, too. The tool can be used by the business when introducing new functionality to understand potential impacts while also validating those changes in new software releases.
The new CSC/MIAX Technologies “Verify” solution is available today. To learn more about CSC Banking & Capital Markets portfolio, visit http://www.csc.com/banking.
Computer Sciences Corporation (CSC) is a global leader of next generation information technology (IT) services and solutions. The Company's mission is to enable superior returns on our clients’ technology investments through best-in-class industry solutions, domain expertise and global scale. CSC has approximately 70,000 employees and reported revenue of $11.3 billion for the 12 months ended October 2, 2015. For more information, visit the company's website at www.csc.com.
About MIAX Technologies
Miami International Technologies, LLC (MIAX Technologies) is a wholly-owned subsidiary of Miami International Holdings, Inc. (MIH). MIAX Technologies is MIH’s technology subsidiary for the sale and/or license of MIAX trading technology. For more information, visit www.MIAXOptions.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of MIH, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning the plans, objectives, expectations and intentions and other statements that are not historical or current facts of MIH, together with its subsidiaries, including MIAX Options or MIAX Technologies (together, the Company). Forward-looking statements include, but are not limited to, statements about the possible or assumed future results of operations of the Company; the competitive position of the Company; potential growth opportunities available to the Company; the expectation with respect to securities, options and future markets and general economic conditions; the effects of competition on the Company’s business; and the impact of future legislation and regulatory changes on the Company’s business. Forward-looking statements are based on the Company’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements.