Research Papers

Usage of Exchange Simulators and Test Exchanges as Tools for Ticker Plant Systems Testing

Ticker Plant systems are widely used in modern day trading. They allow collecting in real-time quotes from several markets, present the data in a unified format, and disseminate it electronically depending on requests and goals of external clients, traders. This paper presents a view on the possibility of using market simulators for testing such systems. A set of main functional and non-functional test scenarios required to control the quality of quote dissemination has been identified. A comparison of market simulators and real test markets has been presented.

A.Y. Bulda, Exactpro
A.V. Zverev, Exactpro
O.A. Buyanova, Exactpro

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Compatibility Testing of Clients’ Protocol Connectivity to Exchange and Broker Systems

The software development life cycle for exchanges and brokers, in addition to verification of functional and technical system characteristics, includes a mandatory Integration Testing stage with the Client Certificationpart. The goal of this stage is to ensure the compatibility of automated trading systems connected to an exchange or broker via financial industry protocols (such as FIX/FAST, ITCH or specialized binary access interfaces). This paper presents a unique tool developed for verifying the compatibility of trading systems. One distinctive feature of the tool is a unified means of supporting multiple protocols. The case study provides examples of the tool usage by
trading participants for self-certification and during large migrations of trading platforms.

Andrey Alexeenko, Exactpro
Anastasia Averina, Exactpro
Daniel Sharov, Exactpro
Pavel Protsenko, Exactpro
Iosif Itkin, CEO, Exactpro

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