With the establishment of the Taiwan Futures Exchange in September 1997, TDCC followed the instructions of the Authority and took on the commission from the Taiwan Futures Exchange to develop and maintain the Futures Settlement System. The system went live in July 1998 and has been in operation since then. At that time, the PowerBuilder application development tool was adopted along with the Sybase database to create a modern, visually rich business application window system -- the Futures Settlement System.
PowerBuilder application development tool was known for its ease of use, high productivity graphical interface, and heavy database orientation, allowing developers to quickly build a window application system in client-server mode. However, with the evolution of development technology, rapid internet growth, and emphasis on internet information security, the PowerBuilder development tool no longer has cooperating vendors in Taiwan to provide original equipment services. The client-server mode system also faces security challenges in today’s internet environment. To provide a structure that meets information security standards and ensure long-term, stable system operation, TDCC began evaluating the replacement of the PowerBuilder application development tool in 2018.
To ensure a smooth transition, TDCC’s IT department spent over two years on discussion and assessment, including technology and architecture selection, learning new technologies, pilot program verification, vendor evaluation, and procurement processes. In July 2021, TDCC officially launched the Futures Settlement System Conversion and Development Project, planning a two-year conversion to shift from the existing client-server structure’s standalone application to a multitier architecture web application. Throughout the conversion, to ensure the regular daily operation of the Futures Settlement System, TDCC faced the challenges of maintaining two systems simultaneously, ensuring function consistency, and assisting the Taiwan Futures Exchange staff in adapting to the new system interface. Through comprehensive evaluation and collaborative efforts from relevant units, the conversion project was concluded and went live ahead of schedule in May 2023.
The smooth progress of the entire conversion relied not only on the persistence and effort of TDCC’s IT department but also on the support and cooperation of the business staff. The conversion is broken down as follows:
Support and Cooperation from the Taiwan Futures Exchange: The change in the Futures Settlement System impacted the existing operation habits of the Taiwan Futures Exchange staff. The adjustment during the conversion and new system function verification required full support and cooperation from the Taiwan Futures Exchange business units. For this purpose, the TDCC’s IT department and the Taiwan Futures Exchange business units held several information coordination meetings throughout the conversion. TDCC's IT department explained to the business staff the adjustments they might have faced in their operating habits. In addition, the IT department selected coordinators from each business unit in the Taiwan Futures Exchange to facilitate new system function verification and optimize the new system’s operation interface.
Standardization of Technology and Architecture: Considering the system’s future, TDCC’s IT department conducted detailed evaluations and discussions on system architecture, programming languages, development tools, application frameworks, and operating platforms. Eventually, a front-end and back-end separation architecture was finalized. In addition, the programming language standard and report tool consistency were established, which initiated the integration of corporate information architecture and technical standards.
Pilot Program’s POC: To ensure the smooth conversion of the original system functions to the new system architecture, TDCC’s IT department analyzed three types of critical transaction styles and invited three different IT vendors to assist in developing pilot programs to confirm the feasibility of the system conversion.
Agile Development Method: An agile development approach was adopted, with system deliveries every two weeks. Daily 15-minute morning meetings were held to confirm project progress and compile issues. In the meantime, the Azure DevOps tool was utilized to effectively manage over 300 transaction functions’ phased development, test case management, issue management, and real-time tracking of project versioning and progress.
5. Phased Launch and Parallel Operation of the New and Old Systems: To ensure a smooth conversion and gradually familiarize business staff with the new system interface and operation method, a three-phase launch was developed classified by transaction type and execution frequency was planned. Still, the old system continued to operate in parallel with the new one, which effectively reduced the pressure on business staff to adapt to the new system. The three-phase launch principles are as follows:
(1) The first phase: a total of 96 basic data maintenance transactions were converted and launched in July 2022. After that, daily operations were primarily based on the old system, supplemented by the new one. This phase mainly allowed business staff to familiarize themselves with the new system interface and operation method.
(2) The second phase: 137 high-frequency (at least once a month) necessary routine transaction functions were converted and went live in December 2022. Following that, daily operations began primarily on the new system. The option to switch to the old system remained for unconverted transactions or for when the new system did not perform as expected. This was to avoid operational interruptions.
(3) The third phase: Finally, 124 long-cycle and rarely-used transaction functions were converted and launched in May 2023. After the launch, all operations ran primarily on the new system, with the old one as a backup.
The project utilized standardized common components and framework design, effectively improving the development efficiency of similar transaction function types. At the same time, it could optimize the processing performance of numerous online transaction queries and elevate report production efficiency. This project provided the Taiwan Futures Exchange with a superior operation interface and improved service quality. The new system architecture introduced a multi-tier design with front-end and back-end separation, which allowed adaption to the modern internet environment and enhanced information security. It also effectively strengthened information security mechanisms, making the system more flexible, scalable, and better suited to meet future business needs.
So far, the new system has been running smoothly for nearly one and a half years since its first phase launch. It has been six months since the complete system launch, and the old system is scheduled to be decommissioned in December 2023. In the future, the Futures Settlement System will continue to serve the futures market with its new technological architecture, constantly optimizing related systems to provide better services. TDCC will also focus on technology trends, actively seeking innovation to meet the ever-changing market demands and ensure the system’s stability and continuous operation.
