Treasury: Auction Automation

GAO reviewed the Federal Reserve Bank of New York's Treasury Automated Auction System (TAAPS). GAO noted that: (1) it could not determine whether the Bank incorporated all detailed functional requirements into the system test plan because it did not document them in adequate detail; (2) there were no readily available data to evaluate the comprehensiveness of the system's test strategy without a complete set of detailed written requirements; (3) the stress test planned by the Bank was unnecessarily limited; (4) the stress test will not validate the acceptability of TAAPS performance when all 39 dealers are using the system simultaneously or the ability of the system to process bid data simultaneously with other applications on the mainframe computer system; and (5) the TAAPS system developer is conducting quality assurance tests.