What Does it Do?
Multiple exchanges are supported simultaneously using protocols such as FIX, CMS, CTCI, QIX, OUCH, and Sets (LSE), each with a full set of independent exchange rules.
Each simulated exchange can be interactively controlled by the user or automatically controlled on a scripted basis. Interactive control allows users to view and manage incoming messages, modify outgoing exchange responses, create, modify or trade orders. Under scripted control, the Exchange Simulator can automatically decide to fill, partially fill, cancel, or reject orders based on a user-defined algorithm.
Simulate Exchange-Specific Behavior
Allow users to test against different exchange types, simulating behaviors specific to each destination. This includes whether executions and OrderID values are carried on replace, whether order acks are sent, and how rejects are formatted. Exchange Simulator gives users the ability to have total control over a test environment for each exchange type, enabling sophisticated testing in-house. Advanced exchange features, such as LSE Encryption and Authentication, and Super Montage Automatic Quote Refresh, are simulated. Multiple instances of each exchange type can be defined, allowing isolation between different testing teams.
Interactive Testing
Using your trading system, developers, QA testers and production support staff can submit orders to the Exchange Simulator. They can inspect messages as they arrive at the simulator level or higher, as well as control and view market changes. Incoming and outgoing messages are associated with orders and displayed for easy-to-follow tracking and viewing. From the Simulator Console, users can control testing by modifying tags or values on response messages, by busting or correcting trades, and by sending forced trades or unsolicited cancel/replace requests. They can simulate race conditions, market open and close transitions and failure/recovery scenarios. The exchange simulator console presents user messages in an organized and readable format to simplifying testing.
Debugging Production Failures
Support the import of production data from your trading system. It permits you to selectively replay this information, in order to reproduce, isolate, and debug production failures. By simultaneously feeding production data into both the simulator and your trading system, a realistic reconstruction of production conditions and failures can be achieved.
Regression Testing
Manual regression testing is a tedious, costly process. Regression tests can be recorded by putting Exchange Simulator in scripted mode and running test scenarios through the trading system. In this way, a well thought-out set of comprehensive regression tests can be replayed with the trading system on a timed, synchronized basis, ensuring that future system releases are thoroughly tested and reliable. Users can easily script custom rules using the Rules Wizard to automate test scenarios for sophisticated regression testing.
Performance & Load Testing
Simulate peak trading by driving your system to create a large volume of orders while running Exchange Simulator in automatic mode. Using this capability, you can explore the response time and robustness of your trading system when subjected to heavy loads. To support load testing, Exchange Simulator can be run in High Performance mode, in which core functionality is present, but disk overhead is greatly reduced. For even faster performance, a special Load Test mode is available, in which messages are immediately acknowledged, resulting in extremely fast turnaround time.
Simulates a Realistic Trading Environment
Simulate realistic trading levels for your testing. Exchange Simulator can receive a L1 real-time market feed, such as Reuters, CME FAST, and only fill orders that are marketable. This allows you to reflect real time fill behavior when testing your trading system.
Enterprise Ready
Scale to the enterprise level, allowing several groups of users to leverage its power and ease of use. To support use in an enterprise environment, Exchange Simulator includes an advanced Management interface, the ability to run multiple isolated simulations, and administration diagnostics and alerts.
Benefits of Exchange Simulator
