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How can you design software for financial and trading applications?

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Financial and trading applications are software systems that handle complex and high-volume transactions, data analysis, and decision making in the domain of finance and markets. They require high performance, reliability, security, and scalability, as well as user-friendly interfaces and features. Designing such software is a challenging and rewarding task that involves multiple aspects of software engineering, such as requirements analysis, architecture, design patterns, testing, deployment, and maintenance. In this article, we will explore some of the key principles and practices that can help you design software for financial and trading applications.

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Christiaan Fouché

Tech Lead in Acquisition, Lending, and Ops Enablement
Karunesh Kumar Shukla

Microservices | Java | Spring Boot | Hybris | AWS Cloud Technical Architect | PCF | AXON Kafka

1 Understand the domain

The first step in designing software for financial and trading applications is to understand the domain and its specific needs and constraints. You need to learn the terminology, concepts, rules, and regulations that govern the financial and trading world, as well as the business goals and expectations of your clients and users. You also need to identify the main actors, processes, events, and data sources that are involved in the system. You can use techniques such as domain-driven design, use cases, user stories, and scenarios to elicit and model the domain requirements and validate them with the stakeholders.

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Ajaz Ali

Principal Software Engineer
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If customer is already using software or legacy tools, make sure we review the existing system and know what improvements customer wants. Some of the requirements might need negotiation.

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2 Choose the architecture

The next step is to choose the architecture that best suits the system's functional and non-functional requirements. The architecture defines the high-level structure, components, interactions, and patterns of the system. You need to consider factors such as performance, scalability, reliability, security, modularity, and extensibility when selecting the architecture. Some of the common architectures for financial and trading applications are microservices, event-driven, service-oriented, and layered architectures. You also need to decide on the deployment model, such as cloud, hybrid, or on-premise, and the communication protocols, such as REST, SOAP, or messaging.

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3 Apply design patterns

Design patterns are reusable solutions to common problems in software design. They can help you improve the quality, readability, maintainability, and testability of your code. You can apply design patterns at different levels of abstraction, such as class, object, component, or system level. Some of the design patterns that are useful for financial and trading applications are singleton, factory, observer, strategy, command, mediator, facade, adapter, proxy, and decorator. You should also follow the principles of SOLID design, which are single responsibility, open-closed, Liskov substitution, interface segregation, and dependency inversion.

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Michael Toback

Freelance Blogger/Affiliate Marketer at self
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Because of the time criticality, implementing small nimble services such as microservices can help. Using systems such as Kubernetes to create containers that can scale as needed when needed and where needed could allow designers to focus on the functionality and allow IT to worry about the scalability and response.

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4 Implement security measures

Security is a critical aspect of financial and trading applications, as they deal with sensitive and confidential data and transactions. You need to implement security measures at all levels of the system, such as authentication, authorization, encryption, hashing, digital signatures, auditing, logging, and monitoring. You should also follow the best practices of secure coding, such as input validation, output encoding, error handling, exception handling, and code review. You should also use secure frameworks, libraries, tools, and standards, such as OWASP, SSL/TLS, HTTPS, JWT, and OAuth.

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Michael Toback

Freelance Blogger/Affiliate Marketer at self
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Incorporating Multi-Factor Authentication (MFA) significantly bolsters the authentication process by requiring users to provide two or more forms of identity verification. This minimizes the chances of unauthorized access, thereby enhancing overall security. Data masking techniques can be utilized to display only a subset of sensitive information. For instance, only showing the last four digits of a credit card to customer service representatives. This protects data and also limits the exposure of information during transactions. On the data transmission front, by implementing encrypted message queues end-to-end, you are adding an additional layer of security that safeguards against unauthorized data interception and tampering.

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5 Test and optimize

Testing and optimization are essential steps in designing software for financial and trading applications, as they ensure the functionality, quality, performance, and usability of the system. You should use various types of testing, such as unit testing, integration testing, system testing, acceptance testing, regression testing, performance testing, load testing, and stress testing. You should also use tools and techniques for debugging, profiling, benchmarking, and tuning the system. You should also apply continuous integration, continuous delivery, and continuous deployment practices to automate and streamline the testing and optimization process.

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Christiaan Fouché

Tech Lead in Acquisition, Lending, and Ops Enablement
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Software engineers in the financial industry should practice Test-Driven Development (TDD). It's similar to another profession's practice in the industry: double-entry bookkeeping. Accountants have been practising double-entry bookkeeping, literally, for ages. They enter every transaction twice. For every credit in one account, they enter a corresponding debit in another. They then calculate the balance to test for errors. Likewise, with TDD, every behaviour is entered into code twice: first as a failing unit test and then as production code. After that, software engineers do their 'balancing' by getting the tests to pass.

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6 Update and maintain

The final step in designing software for financial and trading applications is to update and maintain the system according to the changing needs and expectations of the domain, the clients, and the users. You should use agile methodologies, such as Scrum, Kanban, or XP, to manage the development process and deliver incremental and iterative value to the stakeholders. You should also use version control, configuration management, and change management tools and practices to manage the code, dependencies, and releases of the system. You should also provide documentation, support, and training to the users and clients of the system.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Karunesh Kumar Shukla

Microservices | Java | Spring Boot | Hybris | AWS Cloud Technical Architect | PCF | AXON Kafka
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Transaction Management, Resiliency and Caching In distributed microservice architecture we should have consider transaction management strategy very carefully as it can make or break performance of our system. Based on scenario we can go for orchestration or choreography patterns. Second point is that our microservice should be resilient to handle any failure. Another thing is caching which is very crucial for performance of a microservice application.

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How can you design software for financial and trading applications?

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3

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7

1 Understand the domain

2 Choose the architecture

3 Apply design patterns

4 Implement security measures

5 Test and optimize

6 Update and maintain

7 Here’s what else to consider

Software Design

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How can you design software for financial and trading applications?

1

2

3

4

5

6

7

1 Understand the domain

2 Choose the architecture

3 Apply design patterns

4 Implement security measures

5 Test and optimize

6 Update and maintain

7 Here’s what else to consider

Software Design

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