AI-enabled Software Testing for ARTEX MTF

  • ARTEX Global Markets Background
  • Introduction
  • Agile Delivery and Collaboration
    • Project Scope
    • Testing Scope Limitations
  • AI Testing
    • Step 1. Test basis analysis
    • Step 2. Input dataset & expected outcomes dataset
    • Step 3. Test execution. Output dataset
    • Step 4. Enriching output dataset with annotations
    • Step 5. Model refinement
    • Step 6. Test reinforcement and learning. Weights dataset
  • AI Testing Takeaways
    • Non-functional Testing
  • Latency and Throughput Testing. Latency analysis for distributed storage
  • Conclusion

ARTEX Global Markets Background

Throughout history, interest in art investment has remained unwavering. However, the ability to take ownership and enjoy the aesthetic and commercial benefits of art has, so far, been a privilege of the select few. ARTEX Global Markets, a multilateral trading facility (MTF) for art shares, aims to democratise the art market by introducing the practice of shared ownership by many. ARTEX has set out to provide a new underlying infrastructure to enable wider accessibility to some of the world's greatest masterpieces to potential investors and bolster the attractiveness of art as a liquid asset. 

ARTEX was co-founded in 2020 by art enthusiasts and financial market experts H.S.H. Prince Wenceslas of Liechtenstein and Yassir Benjelloun-Touimi. It is regulated and supervised by the Financial Markets Authority of Liechtenstein within the European MiFID II legislative framework. The art listings are expected to span a period from the Renaissance to the twentieth century. It is anticipated that ARTEX-listed masterpieces will be on public display in museums and exhibitions around the world. The MTF aims to list more than EUR 1bn worth of artworks in the coming quarters.

The ARTEX MTF offers a continuous trading model with auctions. Trading starts with an opening auction, it is followed by continuous trading via a central limit order book and ends with a closing auction.


To ensure fair and orderly trading and establish effective contingency arrangements to cope with risks of systems disruption, ARTEX partnered with recognised exchange infrastructure providers and engaged Exactpro for comprehensive testing of its trading venue.

The case study highlights Exactpro's AI Testing approach that was tailored to ARTEX needs and encompassed end-to-end functional and non-functional testing of the MTF's protocol and matching engine software. The case study also outlines the importance of early testing and effective inter-team collaboration.

Engaging the independent AI-enabled software testing expertise of the Exactpro team has helped ARTEX elevate the quality and operational resiliency of the MTF infrastructure and enrich the firm’s growing testing practice with a diverse set of tools and perspectives into various aspects of its underlying technology.

Building a new trading venue is not a lightweight exercise. It was of paramount importance to guarantee a flawless experience for our members and participants. Exactpro’s insights & experience were invaluable and material in ensuring that our trading venue was robust, consistent and compliant with the industry standards.
During our common testing phase, the ARTEX MTF was not launched yet. It allowed us to have a fast-paced continuous deployment and integration, only following a light change management process. The Exactpro teams easily sustained our continuous deliveries and feedback. Our collaboration was very agile with cycles of less than 24 hours on average. The dynamic created between our respective teams was extremely positive and beneficial.

Exactpro’s ability to adapt and update their test libraries & models to our changes was outstanding. Their use of AI to reduce the size and execution time of the testing process, without compromising the quality of the testing, was inspiring. There was also great value in the End-to-End testing aspect to ensure consistency and detect regressions.

Exactpro were highly knowledgeable with a great attention to detail. Their testing rounds and reports gave our partners, participants, and stakeholders a peace of mind prior to our launch. On March 8th, 2024, ARTEX successfully listed the first artwork (Francis Bacon, ‘Three Studies for Portrait of George Dyer’, 1963, LU2583605592) and has been running incident-free since then.

— Alexandre Reynaert, Chief Technology Officer, ARTEX Global Markets

AI-enabled Software Testing for ARTEX MTF

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