FF.Virtual Exchange

Testing of trading solutions is an important and crucial phase before their deployment. The real-time testing of solutions with exchanges and other Sell-side parties often incurs substantial expenses in terms of registration charges and connectivity overheads. To overcome this problem and to simulate the complete trade workflow and functionalities of a typical Sell-side Order Management System, we developed FF.Virtual Exchange. After the primary testing using FF.Virtual Exchange, one can proceed for the real-time testing and reduce testing costs and overheads significantly.

FF.Virtual Exchange provides a real-time order execution platform to automate the trade process and order lifecycle from order capturing through order matching, execution and reporting. Using its standard order matching algorithm, it can accept and process all standard order types and order restrictions. FF.Virtual Exchange supports simultaneous hosting of multiple products and can publish the market data to subscribers through multicast channels. FF.Virtual Exchange server provides an open socket based programming interface to connect with any order routing system.

FF.Virtual Exchange is our in-house feature and functionality testing platform for all our products. Apart from testing the exchange connectivity, order types, order execution workflow and market data distribution, we have also used it to simulate the risk management behavior of mechanical trading systems in crashing and soaring markets. FF.Virtual Exchange has also been used for a continuous analysis of resource/reward and risk/reward ratios in our trading system optimization simulations.

The list of features of FF.Virtual Exchange is rising steadily to cover specific simulation needs. The present features of FF.Virtual Exchange include:

• Submit, modify, cancel and request status of orders
• Support for standard order types: Market, Limit, Stop and Stop Limit
• Supports order validity and execution restriction
• Order matching ability based on price/time priority
• Publishing order and trade data (execution reports) to the subscribers
• Market data distribution through multicast channels
• Flexible product (tradable market) configuration