Publication date:
New York, Austin, USA – 22 October 2026 – Connamara Technologies, the leading provider of fully-integrated end-to-end exchange technology, and Exactpro, an independent software testing, development, and consulting services specialist serving financial market infrastructures globally, have published a joint case study. The case study draws on an engagement in which Exactpro independently tested EP3®, Connamara Technologies’ exchange, clearing, and market surveillance platform.
Titled Above and Beyond the 'Orders Per Second' Metric: Testing EP3® Under Realistic Exchange Conditions, the case study examines the methodology behind assessing the performance, latency, and throughput of EP3. It provides a practical reference for organisations involved in the development, operation, and testing of trading, post-trade, and market surveillance technology.
“ “By engaging Exactpro, a leader in financial market infrastructure testing, we knew we would obtain an unbiased evaluation of the non-functional characteristics of EP3. In doing so, we have added a level of credibility and transparency to the throughput and latency profile of EP3 that few other vendors have.
“ “A benchmark is only as credible as the methodology behind it. Our objective as an independent software testing services provider on this engagement has been to ensure that objective non-functional testing benchmarks are obtained under transparent, repeatable conditions using representative workloads, consistent measurements and comprehensive functional reconciliation. Such an approach enables trading venue operators to make infrastructure and capacity decisions based on evidence they can trust.
The case study also explores why performance figures need to be considered alongside workload composition, message rates, measurement boundaries and traffic patterns used in testing, to provide meaningful insight into system behaviour. Furthermore, it highlights the importance of regularly verifying if the system continues to behave as expected when put under load.
Example findings include:
- The success of non-functional testing activities is highly dependent on developing versatile and production-like load composition and load shapes.
- Performance figures reported by trading venues are not always directly comparable due to variations in measurement approaches.
- ‘Orders per second’ and ‘messages per second’ reflect the measurement of different computational workloads, while latency figures depend on measurement boundaries and may represent ‘order round-trip’, ‘in-system’, ‘order-to-market-data’ or ‘execution-report-to-market-data’ times. A single blended figure across a whole message mix obscures the differences between new order, amend, cancel, and trade confirmation paths.
- Beyond measuring performance, it is important to continuously verify if the system behaves correctly under load by reconciling inputs with outputs and confirming that responses across all relevant interfaces remain functionally accurate and consistent. Testing at the intersection of functional and non-functional requirements remains crucial for complex transaction processing systems.
These considerations are relevant for operators and vendors of complex financial technology systems in which performance depends not only on matching or transaction-processing capacity but also on the interaction of multiple components and data flows across the system.
About Connamara Technologies
Connamara Technologies is the company enabling the most exciting and innovative markets in the world. Its flagship product, EP3®, is a new breed of marketplace technology that seamlessly integrates all key exchange, clearing, and market surveillance functions into a single, robust platform. It is adaptable, scalable, and quick-to-market. Engineered for the evolving needs of trading venues, EP3 is shaping the future of financial markets. To learn more, please visit www.connamara.tech or connect on LinkedIn.
About Exactpro
Exactpro is an independent provider of AI-enabled software testing as well as development, consulting and training services for financial organisations. Exactpro’s client network spans exchanges and exchange groups, post-trade platform operators, banks and technology vendors across 25 countries. Using deep domain and technology expertise, the Exactpro team helps some of the leading financial infrastructures globally to decrease time to market, maintain regulatory compliance, improve scalability, latency and operational resiliency. Learn more at www.exactpro.com or reach out via info@exactpro.com.
Media Contacts:
Connamara: marketing@connamara.tech; Exactpro: marketing@exactprosystems.com