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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
Direct control to exchange components
Access to individual order books
Versatile market data replay
Configurable exchange behavior
Integration w/ ETP Studio
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.
  • ITCH/OUCH
  • NASDAQ® Genium INET® [OMnet]
  • NYSE Pillar
  • SoupBinTCP/MoldUDP64
  • JPX Arrowhead® [TSE Arrowhead®]
  • Euronext® UTP Direct®
  • LSE® MIT®
  • FIXML
  • 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
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Fully integrated with the rest of the ETP
ETP S-Box, the “FIX Orchestra” server. An industry first!
Find out more
A powerful central repository for teams across the enterprise to design and manage the rules of engagements of their financial APIs. Whether your protocols are based on FIX or not, ETP S-Box provides a powerful environment to build and manage API specification based on FIX Orchestra.
ETP C-Box, automate FIX onboarding for trading counterparties
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The industry's most advanced platform to automate protocol certification and onboarding of inbound FIX connectivity for exchanges, MTFs, and brokers.

ETP C-Box gives structure and clarity to the process of onboarding counterparties and getting them to trade faster, to reduce your firm’s costs and increase trading volumes.

ETP R-Box, an enterprise-grade server for test reporting
Find out more

QA teams can upload results of their tests automatically from ETP Studio to ETP R-Box to store, browse, and share QA reports on the health of their systems.

Access can be provided to project managers and to compliance/audit teams to keep up to date on the quality assurance practices of the firm and to generate reports in various formats, including MS Excel and PDF.

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.
MiFID II ‐ RTS 6
As a provider of Direct Electronic Access (DEA) to investment firms engaged in algorithmic trading, you face many challenges providing a cost-effective environment to certify the resiliency of their connectivity and trading applications, as well as maintaining an accurate audit trail. ETP C-Box has been designed to meet these challenges and control the cost of achieving MiFID II compliance.
[Ref: MiFID II ‐ RTS 6 ‐ Chapter II, Article 6]
MiFID II ‐ RTS 7
Whether you operate a Regulated Market, a Multilateral Trading Facility (MTF), or an Organized Trading Facility (OTF), you face the same challenges when conducting annual risk-based assessments of client's FIX connectivity. ETP C-Box helps you meet these challenges quickly, easily, and efficiently, while ensuring that you remain in control of compliance costs.
[Ref: MiFID II ‐ RTS 7 ‐ Chapter II, Article 7]
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