Today Aegis Software Inc. announced the 7.0 release of their trading system test product, Exchange Simulator. The newest version of the software includes added functionality for reaching RegNMS compliance, as well as support for NYSE's new Common Customer Gateway (CCG) interface.
Used by financial institutions globally, Exchange Simulator is designed for use by developers, QA and production support personnel, functioning as an "in house" destination for simulated order processing and crossing. The software currently simulates dozens of domestic and international trading destinations (ARCA, BOX, BRUT, BTRADE, CBOE, CME, INET, ISE, LAVA, NYSE, NASDAQ, LSE, Euronext, etc.) with full support for the underlying protocols (i.e. FIX, CMS, CTCI, QIX, OUCH, RASH and XML). For version 7, Aegis has added support for the Common Customer Gateway (CCG) message format, NYSE's new order entry interface set to replace existing CMS (Common Message Switch) connections by year end.
RegNMS compliance features have also been added, allowing tests to be repeated with deterministic data at all destinations. Exchange Simulator can now publish its book back to the user's OMS, to provide feedback for trading and routing logic.
Exchange Simulator fully coordinates a faithful RegNMS simulation, reflecting the book (including Level 2 information) across several exchanges, and enabling a sell-side firm to evaluate its routing decisions. The product has also added many real-world error scenarios to help verify failover and recovery procedures, an area of OMS testing that is often neglected.
"With RegNMS compliance looming over the trading industry for two years, several firms have come to us with the dilemma of testing, enhancing, and upgrading their order management systems in order to handle high-volume market data while continuing to achieve best execution" said Norm Friedman, Vice President at Aegis Software. "As a result, we've added a wide range of functional, regression, performance and exchange-compatibility test features to Exchange Simulator, providing our clients with 'live' interactive markets that manage and minimize the burden of achieving compliance."