Investment firms typically have multiple OMS platforms, each supporting numerous venues. Managing the plethora of exchange driven changes in this backdrop of highly complex internal platforms with the added pressure of zero tolerance to trading disruption is a nightmare for front office engineers. These demanding requirements are hampered further by the fact that exchange test environments are usually only open during trading hours – hardly conducive to producing high quality software.

Developers often solve this challenge by creating automation frameworks during downtime that testers struggle to maintain, or testers find themselves trying to fit development in around manual testing. We’ve witnessed cases where teams within larger organisations have developed competing automation frameworks to automate the same processes.

At Neueda, we’ve developed our fair share of order entry applications giving us the impetus to develop an Exchange Simulator product supporting numerous European, US and APAC equity exchanges. This has afforded us the opportunity to repeatedly refine our approach to testing these applications, applying the things we’ve learnt especially from testing all protocols for our exchange simulator.

Scrutiny is the culmination of this experience – a test automation service comprising our technology – Etiqet and our Exchange Simulator – our processes and our team of front office automation experts. We work with key stakeholders on all sides to understand existing pain points and propose areas for improvement. Through applying our technology and/or through development of bespoke applications we help deliver efficiencies and improve the time to market for trading applications.

Figure 1: An example Etiqet feature file that displays some of the functionality available to developers

Neueda Etiqet is an open source test automation framework that has been designed to provide users with all the functionality required to write advanced test cases for FIX applications in an easy to understand, self-documenting format. The architecture is highly extensible, allowing users to add support for their own messaging protocols.

Etiqet is freely accessible at We encourage you to use it in your next test-run and let us know what you think!

Neueda Exchange Simulator provides engineers with a dedicated, closed test environment to create highly complex, repeatable trading scenarios for many of the world’s largest equity exchanges. With numerous extension points, customers can customise message flows on the fly to setup highly unusual scenarios e.g. message delay, message reordering or modification.

Get in touch

To discuss how Scrutiny, Etiqet and/or Neueda Exchange Simulator can benefit your business, get in touch today –