Financial markets produce high-frequency data and analysing it involves transforming the data, detecting patterns and testing financial models. These actions or steps form an exploratory analysis process (EAP). ADAGE is an open SOA incorporating a BPMS that allows users to model EAPs by composing analysis services. A typical application scenario is used to evaluate ADAGE’ s ability to express an EAP as a business process. It is shown that current BPMS technology cannot satisfactorily represent EAPs as fully executable business processes. Using the theory of situation awareness, EAPs are shown to be dynamic in nature. Hence three extensions based on the late composition technique are proposed: (1) a dynamic process representation of EAPs; (2) a process execution model; and (3) process templates to automate repetitive steps of EAPs
