Brief
Greenfield rebuild of the ADAS2 legacy system into a modern, type-safe, real-time platform managing the full lifecycle of Republic of Austria Government Bond and Treasury Bill auctions — on behalf of OeBFA, Austria's Federal Financing Agency.
Can you replace decades of mission-critical infrastructure without disrupting a single auction? We can.
ADAS3
Technology
Java 21, Spring Boot, JPA/Hibernate, PostgreSQL, Angular, PrimeNG, NgRx Signals, TypeScript, OpenAPI, Server-Sent Events, JobRunr.
Specification-first API design: 106 OpenAPI YAML definitions drive both the Java backend interfaces and TypeScript frontend clients — ensuring type safety across the full stack.
EUR 315B
Federal debt managed
EUR 43–47B
Annual issuance volume
84%
Instruction test coverage
Starting Point
ADAS2 had served Austria's sovereign debt operations for decades. But every system has its limits.
The existing platform was built on a dynamic key/value data model — flexible in its time, but increasingly difficult to evolve. Aging technology, growing regulatory requirements, and the complexity of three distinct bond product types made further development impractical.
OeKB, Austria's central financial market infrastructure provider, needed a complete greenfield rebuild. The challenge: modernize a system that Austria's EUR 315 billion federal debt program depends on — without disrupting a single auction.
Development
ADAS3 manages the entire auction lifecycle — from creation through announcement, live bidding, issuer confirmation, result publication, to settlement.
A sophisticated state machine governs every transition and validation across three product types: Republic of Austria Government Bonds (RAGB), Austrian Treasury Bills (ATB), and Floating Rate Notes (FRN). Each carries precise financial calculations — yield computations, accrued interest, day count conventions, coupon schedules, and benchmark assignments.
Real-time multi-party bidding was one of the most demanding engineering challenges. Major international banks submit bids simultaneously during live auction windows. Server-Sent Events deliver instant updates to all connected participants, with distributed event propagation across multiple backend instances via PostgreSQL listen/notify. Downtime during an auction window is not an option.
Granular access control enforces four distinct roles — Auction Agent, Issuer, Bidder, and Public — with field-level security that adapts dynamically based on the current user, role, and auction state. Every API response carries metadata about field visibility and editability. Every state transition, every field change, every bid version is tracked — regulatory compliance is built into the architecture, not bolted on.
Result
A complete modernization of Austria's bond auction infrastructure — with zero data loss and zero operational disruption.
The full migration from ADAS2 transformed a dynamic key/value data model into a structured, type-safe domain model — preserving all historical auction data. The rebuilt platform covers approximately 1,000 Java source files across 20+ modules, 580 TypeScript files, 106 OpenAPI specifications, and ~280 integration tests plus 44 end-to-end test files — achieving 84% instruction coverage.
IRIAN delivered the full-stack development of ADAS3: architecture, backend, frontend, API design, testing strategy, legacy data migration, and deployment infrastructure. The project demonstrates what it means to deliver in high-stakes financial infrastructure — where correctness, reliability, and domain expertise are non-negotiable.
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