QDC were engaged by the Toronto Stock Exchange to lead the replacement of a proprietary capital markets data entitlement management and billing system with a modern SaaS offering.


Business Analysis • Project Management • Quality Assurance • Technical Writing • Change Management

The client

TMX Group is best known for its stock exchanges, Toronto Stock Exchange (TSX), which serves the senior equity markets, and TSX Venture Exchange (TSXV), which serves the public venture equity market. TSX also owns and operates other exchanges in Canada.

The challenge

TMX's market data division (Datalinx) operated a legacy proprietary system that had previously reached the end of life but has not yet been retired due to a variety of factors. The target system was the backbone of Datalinx's 180 million dollar data business, and combined CRM, inventory management, billing and reporting functions.

Retirement of this system was complicated by the highly proprietary nature of the system's functions, nuanced business rules and a small number of commercial solutions available on the market.

Our solution

QDC was brought into Datalinx's Business Operations group to perform a series of current state analysis activities, followed by documenting the desired future state and finding a suitable vendor to provide a replacement system. Once the vendor has been identified, QDC has assisted TMX with the procurement process and led the end-to-end implementation of the new system.

Steps to success

Reviewed existing artifacts, interviewed technical and business users to understand current state
Produced comprehensive current state documentation including process maps, system architecture and capability blueprint
Facilitated requirement discovery workshops to document business objectives and future state requirements
Gathered non-functional requirements from Legal, Information Security, Business Continuity, Finance and other departments
Compiled an RFP for distribution to vendors, professional services firms and custom software development firms
Drafted a vendor evaluation criteria and evaluated vendor responses
Defined a demo format for shortlisted vendors to ensure relevancy of demonstrated features
Evaluated vendor proposals, drafted a product recommendation and presented it to a panel of C-level executives
Drafted data migration and integration requirements, including ETL criteria
Prepared Implementation Plan and product roadmap for subsequent feature releases
Established a QA strategy and acceptance criteria for testing of data, essential processes, features and functions
Facilitated User Acceptance Testing (UAT) and obtained sign-off from stakeholders
Provided on-site implementation and post-implementation support to users
Defined requirements for subsequent module deployments including Client Portal and Online Payment Processing


QDC has successfully decommissioned the legacy system, migrated required data and integrated a new cloud-based platform into TMX’s digital ecosystem. The proposed future state has transformed a series of paper-based processes into digital workflows, achieving a paperless environment. While analyzing existing gaps, we've identified an opportunity to enable charging of late fees and compound interest, which was estimated to deliver a return that would cover costs of the implementation project within two months. Finally, our effort led to the enablement of client self-service and payment processing options via an online Client Portal.

“QDC has successfully delivered a high risk, high visibility project that has long been at the top of our priority list.”

Amin MousavianDirector, Enterprise Performance Management, TMX

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