US stock mart Nasdaq has released a tool that supplies an 'instant replay' of market activity for testing and review at dealer desks.
Based on Adobe technology, Market Replay allows users to quickly view the order book at any point in time, replay the market in simulated real-time, or at an accelerated/decelerated speed, and zoom-in to view events at the millisecond level to see exactly what happened.
Following the completion of a trade, Market Replay allows users to analyse whether their trade received best execution and risk managers to confirm if a trade met compliance standards.
"I can think of a million uses for Market Replay. It's shocking at what it can do at the millisecond level," states John Jacobs, director of operations, Lime Brokerage. "Market Replay absolutely could be a big help for our trading desk."
Nasdaq EVP Adena Friedman says the software can be used to analyse whether a trade complied with best-execution requirements, review interesting situations and missed opportunities, and share a replay with clients to confirm best trades
Market Replay is accessible on the Nasdaq Technology Services' DataStore site, and as a plug and play deployment for market data vendors.