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ETP GEMS
for MiFID II

The Global Exchanges & Markets Simulation Platform

A fast and effective solution to test trading algorithms as well as exchange connectivity.

Remaining compliant with MiFID II's demanding regulatory technical standards is challenging and expensive. We aim to help you deliver it efficiently and effectively.

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High-Fidelity Simulation

Based on Esprow's multi-protocol technology, ETP GEMS lets you spin off exchange simulators running on virtual machines, each one simulating the exact behavior of a real exchange, market, dark pool, or MTF: you get a matching engine, order books, trading phases, native trading gateways, native market data gateways, a ticker plant, reference data, and much more.

Massive Scalability

Esprow ETP GEMS can be deployed on public and private VM hypervisors (cloud platforms), enabling your firm to support the testing needs of multiple departments across all regions. Each virtual machine is configurable individually according to your needs - from small 1-core/512MB instances, up to powerful 32-core/224GB multi-core machines that truly leverage ETP GEMS multi-threading technology, to help you carry out performance testing of trading algorithms.

No compromises. Real, native, exchange connectivity.

Testing trading algorithms is a complex task. Often requiring investments in building custom back-testing frameworks, which have to be designed, implemented, and maintained. ETP GEMS fast tracks this process by giving you immediate access to a wide range of advanced exchange simulators, covering global markets, supported, documented, and upgraded in synch with regular exchange upgrades.

Native Connectivity

ETP GEMS is the only platform available today that supports truly native trading and market data connectivity. Your trading systems connect to ETP GEMS transparently, as if they were connected to the real exchange. You can configure any number of traing gateways, whether based on an exchange's FIX protocol or binary protocol, to replicate realistic connectivity configurations. Gateways also support cancel-on-disconnect functionality and message throttling. Contact Esprow for a list of exchange protocols supported by ETP GEMS.

Multiple Orderbooks

Whether you are testing basic VWAP/TWAP algorithms, or complex PAIRS and SOR algorithms that require multiple concurrent orderbooks and exchanges, ETP GEMS lets you create and manage as many orderbooks as you need - each one controlled individually from the ETP GEMS Web UI or from ETP Studio test commands, for seamless integration with end-to-end regression tests. You get access to real-time market depths, BBBO tickers, orders and trades counters, replay of market-data files, import/export of order book micro-structures, trading phases, hit-and-trade from the Web UI, and much more.

Finally in control of your own exchange.

Tests environments provided by exchanges do not usually offer any level of control on the behavior of the exchange. One also has to align test schedules with the exchange own trading hours, while often sharing the environment and order books with other market participants . ETP GEMS delivers a solution to these challenges with a private and fully controllable exchanges simulators, including trading phases, matching strategies, and market data replay.

Market Data Replay

One of the major requirements of MifID II is to certify that all algorithmic trading components do not contribute to disorderly market conditions and that they will behave well under stressed market conditions. ETP GEMS supports concurrent replaying of market data files to recreate unique trading conditions for your algos and strategies. All data from testing sessions is recorded and stored in a database for analysis and for compliance reporting.

Programmable Behavior

Unique testing requirements under MiFID II demand the ability to control the exchange behavior. ETP GEMS offers many of features to achieve that, including different matching strategies (price-time, pro-rata, equilibrium price, and so on), trading phases (pre-open, open, continuous, close, and so on), loading of specific orderbook configurations, or introduction of latency in exchange components to simulate busy markets. ETP GEMS can be controlled from with and SDK or from an Esprow ETP Studio environment, for effective end-to-end testing. ETP GEMS also supports simulation of race conditions, unsolicited cancellations, sudden loss of connectivity, and other rare trading scenarios.

Global Availability.

ETP GEMS Cloud is delivered by Esprow from datacenters available in multiple global regions in North America, Europe, and Asia, divering responsive virtual machines and low latencies. There are no bandwidth charges and freezing of virtual machines helps managing costs.

Audit & Compliance

ETP GEMS support enterprise auditing and compliance reporting, enabling multiple users to collect test data across multiple trading components, record test sessions, store documents, and generate reports. Data management includes DB storage, retention policies, and automated record archiving. It can be deployed in-house or hosted by Esprow. Includes multi-user support, authentication, and concurrent execution of test sessions.

On-Demand Exchange Simulators

Create instances of the most popular exchanges, when you need them. North America, European, and APAC markets - we have you covered.

Web Access

Spin-off and control all your exchanges from your web browser. Replay market data, add orders, or trade against the book.

Compliance Reporting

Fulfil MiFID II requirements by retaining certification results for five years, including retention policies for log files and documents.

Cloud Deployment Option

Start using ETP GEMS immediately from one of our global hosting locations. All covered by an enterprise SLA for your peace of mind.

Enterprise Features

Whether for regression testing or performance testing, size up your exchange from 1 to 32 cores and up to 224GB RAM. All on SSD.

Audit Trails

Retain detailed certification data, including system log files, client-side log files, sign-off documents, certificates and emails.

Exchange simulation solutions to match your needs.

At Esprow, we are committed to helping you reduce the cost of doing business by delivering sustained cost reductions and efficiencies for our clients.

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