ETP GEMS is designed to tackle the latest MiFID II requirement to test all algorithms and certify connectivity with counterparties and trading venues, prior to market use.
The platform provides trading functionality such as the option of accessing order books, replaying market data and controlling trading behaviour, including market auctions and race conditions.
It also provides matching engine functionality and native trading connectivity, which exchanges can offer to members to facilitate connectivity and conformance testing.
The platform supports Asian exchanges including Hong Kong and Tokyo, as well as FIX exchanges. Esprow is also looking to expand to add multiple US exchanges later this year.
Francesco Lo Conte, managing director at Esprow, said: “ETP GEMS has been developed in cooperation with market participants. Our platform allows brokers to comply with MiFID II regulations when testing their connectivity and algorithms, and provides them with a 24/7 testing environment that was not previously available.”
He added: “We are also delighted that ETP GEMS will enable exchanges themselves to provide an important, on-demand algorithm testing solution for their members.”