IEX has its in-house Technology Development Center comprising of domain experts, technical architects, UX professionals, software developers and Testing professionals with a main focus on developing niche technology for Trading and associated eco-system. The State-of-the art Technology Development Center acts as a Center of Excellence for developing end-to-end solutions for Auction and Continuous Trading Platform, Clearing and Settlement system and other peripheral applications for Electricity Trading and its Eco-system.
The Technology Development Center’s core team comprises of experts having vast experience in developing and setting up of exchanges and its eco system around the globe for various markets i.e. Equity, Commodity, Currency and Electricity. The team has the capability to build cutting edge low latency solutions, mobility, cloud, data analytics and domain-driven independent verification and validation services.
The Center is built around four major competencies:
Product Engineering – The team consists of domain experts involved in envisioning of exchange and related products for clients. The team has built the most successful power trading platform in India for IEX, demonstrating high quality product engineering and Innovation. Proven expertise by the Technology team has helped IEX to gain huge confidence and trust from the market participants as well as the regulator for reliability, robustness and flexibility of the trading platform rolled out by the team.
User Experience (UX) – The UX engineering team brings in many years of experience in interactive and responsive web interface design giving the users convenience through envisioning, navigational usability, heuristics and competitor analysis.
Independent Verification and Validation – the testing team has pool of members having strong domain knowledge with expertise in automation and manual testing of application. It extends the checking beyond ascertaining the reliability and validity of the developed project to find whether the right functionality has been developed with expected requirement. It is accustomed to work with third-party development team for independent verification and validation, and performing User Acceptance Testing.
Data Analytics – Being entrusted with many years of past data, the Technology Development Center has created a data analytics competency to work on various data universe and models by bringing in data science to provide analytics to the exchange users. The major focus of this competency is to provide significant value add to the clients through state of the art analytics.
The Technology Development team works on best of the technology platforms by bringing in innovation and following world class software development processes and practices. The Team has successfully developed digital transformation of internal and external processes though infusion of latest technologies.
More recently, the Center developed a sophisticated IT tool, like ‘Smart Power Procurement’ for helping load-serving entities to optimize their power procurement by integrating the exchange day-ahead market. Already many State distribution companies have agreed to adopt this IT tool for reducing their cost of power procurement. This tool has been developed using open source technologies as a result it has benefits like cost, flexibility and time to market. The Exchange offers this IT Tool as cloud-ready SaaS (Software as Service) application.
The Technology Development Center uses current technology stack to deliver systems, some of which are mentioned below:
The Center follows a well-defined Product development methodology using iterative and incremental lifecycle. The center has been working towards achieving CMMI compliant processes to create a framework for continuous improvement and innovation.