Vision and Mission

VISION STATEMENT FOR A QMS FOR AUTOMATED TRADING

Financial markets are critical for the growth and prosperity of all economies. Real-time automated trading systems are integral to these markets.  However, neither the technology nor market operations underlying automated trading is infallible. Therefore, it is the responsibility and self-interest of all market participants to continuously develop, identify, and apply best practices to prevent failures and improve effectiveness. We believe that development of a standard for, and widespread use of, quality management systems for automated trading will mitigate risks and improve effectiveness of trading operations and technology.  We expect its adoption to follow precedents set in other industries faced with challenges inherent in automation. We believe this will result in automated financial markets that provide superior value to society in a responsible and reliable manner.

MISSION STATEMENT FOR A QMS FOR AUTOMATED TRADING

Many industries have benefited from the definition and application of standardized quality management systems. In creating this standard, we will follow or adapt proven practices that are generally applicable to any quality management system. However, just as specialized extensions to existing standards are necessary for particular industries and certain technologies, we will identify those standards and practices that are uniquely applicable to automated trading. As part of this process, we will study past failures and provide examples of how to prevent their recurrence. We expect the process of developing and, critically, applying this standard will soon have a positive impact on financial markets.