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The Philadelphia Stock Exchange (PHLX) is one of the most diverse exchanges in the world, offering equities, options, currencies, indexes, and futures. The regional exchange serves as a “wholesaler” for large financial services firms such as Goldman Sachs and Merrill Lynch. PHLX is audited every year by both internal and external auditors. Prior to Serena, with six to seven signatures required for every change request, paper-based requests could take several days to get approved. When it came time for audits, IT spent days wading through thousands of documents to find specific items for auditors. The company selected Serena Mashup Composer for its comprehensive, highly flexible solution. The new IT process management solution has transformed IT operations at PHLX. Twenty five hundred hours of administrative work have been saved per year; the change approval process has been significantly reduced due to automation; uptime for all mission critical systems is 100 percent; and IT is handling more change requests without hiring additional employees.
Challenge
- IT burdened with excessive paperwork and audit administration
- Production change failures cause substantial rework and slow delivery times
- Need to improve IT coordination between departments by providing expanded visibility into changes
Solution
- Serena Mashup Composer selected for its highly flexible, cost-effective IT process management solution
Results
- 60,000 electronic pages delivered to auditor within 10 days
- 2,500 man hours saved in administrative duties per year
- 100 percent up time for all mission-critical systems
- Clear audit trails “from cradle to grave”
- Handling significantly more change requests without additional staff
“We delivered 60,000 electronic pages to auditors within 10 days of their request. The auditors were blown away. We’ve set a new standard for the futures industry.”
—Bernie Donnelly, vice president of quality assurance, Philadelphia Stock Exchange
Challenge
Working in a complex IT environment and highly regulated industry, Bernie Donnelly, vice president of quality assurance for PHLX, says that the biggest challenge he’s faced over the years is managing and tracking application changes. Additionally, the SEC, Commodities Futures Trading Commission (CFTC), and internal and external auditors audit PHLX every year.
Previously, with every change request requiring six to seven signatures, paperbased requests could take several days to get approved. “We had to carefully document all application changes and approvals on paper. Every year we’d fill up an average of 10 boxes full of change control documents,” says Donnelly. When it came time for audits, Donnelly’s team spent days wading through thousands of documents to find specific items for auditors. With automated, enforceable change control processes, PHLX could deliver new application changes faster to keep up with market demands. “We also had very limited visibility into what projects were going on across departments,” says Donnelly.
Solution
PHLX selected Serena Business Mashups to replace its homegrown IT process management solution. Already a Serena ChangeMan ZMF and Serena PVCS Version Manager user, the company had a strong relationship with Serena. “We looked at other vendors but found that Serena offered a much more flexible application. We could tailor the workflow processor to meet our specific business needs. It was an application that would not require costly customizations,” says Donnelly. With intelligent implementation and process design services from Serena Professional Services, PHLX experienced a smooth implementation.
“Making an electronic copy of a change request or authorization only solves part of the problem,” says Donnelly. “Mashup Composer solved our core problems by giving us a centralized platform with enforceable processes for controlling change. We could track all of the data related to any given change request including signatures, approvals, test results, timestamps, and attach documents for improved accountability, reporting, visibility, and traceability.”
Results
Serena Business Mashups has transformed IT operations at PHLX. “We now have clear audit trails from cradle to grave,” says Donnelly. For a recent CFTC audit, the company used TeamTrack to deliver 60,000 electronic pages to auditors within 10 days of the request. “The auditors were blown away. We’ve set a new standard for the futures industry,” says Donnelly. Previously, it took “a small army” of team members one full month to collect the boxes, go through the documents, index papers, and make photocopies. With electronic files, PHLX has eliminated paper and storage fees resulting in significant cost savings.
Donnelly estimates the company is saving 2,500 man-hours per year with an automated signature and approval process alone, equating to over $160,000. With Business Mashups, the overall change approval process has been reduced. “The authorization process is electronic and fully automated. Mashup Composer workflows route signatures around the organization for approval, which means we are much more productive and responsive as a department. We’re not running around the building anymore trying to get a piece of paper signed by someone,” says Donnelly.
Donnelly is proud that the company’s uptime for all mission critical systems is 100 percent, which he attributes in part to Serena. “With Business Mashups, we have an enforceable process in place to guide developers through change requests. It’s a major enhancement to the change authorization process,” says Donnelly.
Serena Business Mashups have served as a magnet, bringing department teams together to work more effectively. “Mashup Composer reports give everyone the big picture. Everyone gets visibility into all of the projects in the pipeline and target dates. We can coordinate with other groups several weeks in advance to head off potential conflicts.”
“We’re much more productive as an IT department. We’re handling more change requests without hiring additional staff.”
—Bernie Donnelly, vice president of quality assurance, Philadelphia Stock Exchange
