Esprow Pte Ltd, a global provider of enterprise testing technology for the financial markets, reports the launch of ETP GEMS.
The latest MiFID II regulatory technical standards (RTS) require financial firms to test all algorithms and certify connectivity with counterparties and trading venues, prior to market use. Esprow says ETP GEMS allows brokers to test trading algorithms independent of the trading venue, enabling them to carry out required MiFID II assessments easily and efficiently. It adds that the service can also be deployed by exchanges as a service to their members, to provide a global, secure, reliable and fully audited testing ground for market participants and partners.
Esprow says that ETP GEMS is available on-cloud and on-premise, 24/7, which removes the current testing window limitation - as most trading venues do not provide round-the-clock test environments. This restriction has required clients to use valuable time and resources for test activities during open market hours, often while operating in different time zones, it notes.