Direct Edge Goes ‘Edgile’ with Coverity to Accelerate Time to Market
Leading US stock exchange operationalizes development testing into its process to reduce risk, ensure application resiliency and rapidly deliver new functionality to market
SAN FRANCISCO, – Coverity, Inc., the development testing leader, announced today that Direct Edge®, one of the world's leading equities exchange operators, has partnered with Coverity to help them transform software testing from a reactive to proactive process.
Direct Edge needs to manage a rapid rate of change from market and customer requirements with resiliency and predictability. Stability and speed are the drivers for competitive advantage at Direct Edge–from being the first to deliver new functionality to market to ensuring low latency of its order response applications. There is zero tolerance for any service disruptions or performance degradations that would impact service availability or speed of transactions.
Direct Edge handles approximately 10 percent of U.S. equity trading volume daily, representing 500 million to one billion shares per day, and is the fourth largest equities exchange in the world by notional value traded. The rapid growth experienced by Direct Edge since its inception in 2007 can be attributed to its ability to launch innovative features in its EDGA Exchange and EDGX Exchange, as well as its ability to reduce order response latency times. Direct Edge not only prides itself on product and services innovation, but also its innovative approach to software development which has enabled first mover advantage and a stronger position in the market.
In order to keep pace with the rate of change and service delivery requirements, Direct Edge realized that traditional Quality Assurance practices were simply too reactive, as finding an issue late in the cycle impacts cost, time to market, and risk. To transform software testing from reactive to proactive, Direct Edge implemented 'Edgile', a model based on the Agile software development framework. The intent was to improve the agility of the release management and software development lifecycle and reduce the QA cycle by shifting software testing upstream into development. It tightly integrates QA and Development together and shifts testing from a reactive to a proactive process to detect issues as early as possible. As part of 'Edgile', Direct Edge automated traditional QA regression testing and introduced development testing as a way to automatically test code and surface issues as code is being written. This has shortened the downstream QA cycle by surfacing and remediating issues early in the process when it's fastest and least expensive, enabling Direct Edge to significantly reduce the risk of software failure and latency issues in production, while accelerating development and release of new functionality. Direct Edge is able to keep pace with the rapid rate of change and deliver high quality products and services in shorter, more efficient iterations every 4-6 weeks.
"In our industry, stability and time to market is everything. We are constantly striving to deliver new features and functionalities before our competitors, improve stability and reduce latency of our trading applications," said Saro Jahani, CIO of Direct Edge. "Development testing is one of the key cornerstones in enabling this transformation by re-architecting development and QA to work more collaboratively together and turn software testing into a proactive process. Coverity has helped us operationalize development testing to create resiliency and predictability in our software delivery and release management process."
"Direct Edge is the model for linking software development innovation to business innovation and competitive advantage" said Jennifer Johnson, VP of Marketing at Coverity. "By adopting and making development testing a reality, Direct Edge has transformed its entire organization to turn software testing into a competitive differentiator for the business through reduced risk, better stability, faster functionality and accelerated time to market. We applaud Direct Edge for its innovation."
- Watch the video interview of Saro Jahani, CIO of DirectEdge
- Watch the video presentation by Saro Jahani at the Coverity Exchange Event in NY
- Learn more about development testing
- Visit the Coverity Community for best practices and technical insights on development testing
Coverity, Inc., (www.coverity.com), the development testing leader, is the trusted standard for companies that need to protect their brands and bottom lines from software failures. More than 1,100 Coverity customers use Coverity's development testing suite of products to automatically test source code for software defects that could lead to product crashes, unexpected behavior, security breaches or catastrophic failure. Coverity is a privately held company headquartered in San Francisco. Coverity is funded by Foundation Capital and Benchmark Capital. Follow us on Twitter or check out our blog.
Direct Edge is one of the leading stock exchange operators in the United States and globally. Headquartered in Jersey City, New Jersey, Direct Edge offers dynamic trading functionality across two distinct platforms, EDGA and EDGX, as well as connectivity and market data services. Its commitment to innovation and superior customer service helps its Members move their business lives forward. In November of 2011, Direct Edge announced plans to expand internationally with the opening of Direct Edge Brazil, a Rio de Janeiro-based electronic stock exchange for the trading of Brazilian equities. Direct Edge is owned by a consortium that includes affiliates of Citadel LLC; Goldman Sachs Group, Inc.; International Securities Exchange, LLC.; JPMorgan Chase & Co.; and Knight Capital Group, Inc. More information is available at www.directedge.com and www.directedge.com.br.