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ETP Markets
The Global Exchanges & Markets Simulation Platform

ETP Markets from Esprow, is the industry's most advanced platform for realistic simulation of stock exchanges and brokers.

At a time of increasing market regulation and compliance requirements, financial firms face the challenge of testing and certifying trading systems and trading algorithms, while reducing overall costs.

Esprow ETP Markets delivers unparalleled functionality to streamline these activities, integrate them into backtesting strategies, CI/CD pipelines, to deliver trading solutions faster to your clients.

Designed with the needs of quantitative trading and engineering teams in mind, ETP Markest offers multiple deployment options, including on-premises or as a managed service.

High-Fidelity Exchange Simulation

The ETP Markets platform was designed in collaboration with the world largest stock exchanges. Its architecture replicates the exchange structure, including a real matching engine, order books, trading gateways, and market data gateways. ETP Markets’ scalable architecture support simulation of any number of order books, their trading phases, and massive market data replay.
FIX and Native Connectivity
ETP Markets supports truly native trading and market data connectivity. Trading systems can connect to ETP Markets just like the connect to real exchanges using the FIX protocol or binary protocols, to replicate realistic connectivity. Gateways support cancel-on-disconnect functionality and message throttling.
Multiple Orderbooks
Whether you are testing basic VWAP/TWAP algorithms, or complex PAIRS and SOR algorithms requiring multiple orderbooks across exchanges, ETP Markets easily scale to support any number of orderbooks, for seamless integration for end-to-end regression testing.
Market Data Replay
ETP Markets supports replaying of real and synthetic market data to recreate unique trading conditions to test algos and trading strategies. Data from test sessions can be recorded and stored for analysis and compliance reporting.
Programmable Behavior
ETP Markets offers configurable matching strategies (e.g., price-time vs pro-rata), trading phases (e.g., auctions), latency degradation, and simulation of race conditions, unsolicited cancellations, sudden loss of connectivity, and other rare trading scenarios.
Powerful Analytics
ETP Markets’ suite of pre-configured market data and analytics provide immediately visibility into the behaviour of trading algorithms and their compliance with MiFID II requirements, including whether they contribute to disorderly market conditions. Both market data and analytics are configurable.
Audit & Compliance
ETP Markest includes features for compliance reporting, enabling collection of test data across trading components, recording of test sessions, and generation of reports. Data management includes DB storage, retention policies, and automated record archiving.
Intuitive web portal for your clients, to get the job done quickly
Intuitive web portal for your clients, to get the job done quickly
Develop trading algorithms. Not market simulators.
ETP Markets lets you focus on your value-added activities: delivering effective trading strategies and fast trading systems. Integrate ETP Markets quickly into your backtesting strategy, with the support of Esprow’s market experts.
Rich Functionality

Esprow Markets delivers fast and audited on-boarding, streamlining the certification process through a simple web-based process.

  • Seamless connectivity with FIX and native protocols
  • Market data replay with real and synthetic data
  • Create your own trading agents with any programming language
  • Support for Network Time Protocol synchronization
  • Scalable architecture to grow simulations to any size
  • Pluggable matching strategies, trading phases, and behavior
  • And much more…
Enterprise Ready

Designed for multi-user/multi-team tenancy, Esprow ETP Markets provides enterprise-grade access control, support, and scalability.

  • Round-the-clock (24/7) availability
  • Supported by Esprow professional services
  • On-premises and on-cloud deployments
  • Extensible through the ETP Markets SDK
  • Support for white labelling
  • SSO and reference data integration
  • Multi-language support
Extensive Protocol Support

Esprow ETP Markets supports binary and non-binary protocols.

  • FIX 4.0, 4.2, 4.3, 4.4, 5.0, 5.0SP1, 5.0SP2.
  • FIX custom dialects across all asset classes.
  • NASDAQ® Genium INET® [OMnet]
  • NYSE Pillar
  • SoupBinTCP/MoldUDP64
  • JPX Arrowhead® [TSE Arrowhead®]
  • Euronext® UTP Direct®
  • LSE® MIT®
  • SWIFT® MT/MX and ISO 20022
  • Kafka
  • TIBCO® Rendezvous/EMS
  • IBM® WebSphere® MQ
  • Informatica® Ultra Messaging® (29West®)
  • Solace®
  • JMS/Custom Protocol Implementations
  • and many more...
Low Entry Barrier

Accessible via a web browser, Esprow ETP Markets lets clients simulates markets without any configuration or development necessary.

  • Fast and simple access
  • No hardware or software required
  • Supported by Esprow follow-the-sun support
  • Comprehensive user manuals
  • Instructor-led training available
Fully integrated with the rest of the ETP

Effective and efficient. You need to be both.

MiFID II compliance is no easy task. You must comply promptly and accurately with challenging regulatory requirements across multiple aspects of your business. You are charged with contributing to the stability of financial markets. But you must also keep costs under control while delivering outstanding client services. ETP Markets helps you meet many of the compliance requirements under MiFID II.
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