QuantReplay is an open-source market simulator suite that you can host yourself, creating order-driven venues, with a matching engine, and publishing of market data, to test your trading and execution applications and strategies.

• Simulator. QuantReplay replays stored market data, but also can generate randomized orders, which are published via a FIX feed. The orders from your application connect via a FIX gateway to the matching engine, which can be in both continuous and auction mode, for single and multi-listed instruments. It covers all asset classes which are Order-driven, e.g. Equities, FX, Derivatives, exchange-listed fixed income.
• Choice of your data. QuantReplay provides multiple mechanisms to create the data published back to your applications - Replay from a file and Auto-generated by QuantReplay.
• Low footprint. QuantReplay runs as a single native process per simulated venue, with a shared database across each venue instance.
• Easy deployment. Runs in a dockerized container, easy to deploy to any environment.

• Multiple Markets and Listings. Configure separate concurrent markets and traded listings, using industry standard symbology, and custom trading rules to emulate distinct markets.
• Matching Engine. Standard price/time priority order book matching logic, with support for different order types and time in force. Subscribe to L2 market depth full refresh or incremental updates, specified depth levels, and L1 details such as Last Trades, OHLC, and more.
• Market Phases. Continuous trading and configurable market phases.
• Random Order Generation. Realistic pseudo random order activity at a configurable update rate and quantity and price range.
• Historic Data Playback. Playback of historic multi level market data from a database or CSV file.
• Recovery Options. Save and recover system state on demand.
• API. FIX API for trading functions and REST API for remote administration of settings and status.

These features can be used in different trading and execution scenarios.

• Additional Market Phases. Support for Auction and Trade at Last market phases.
• Multi-listed Instruments. Synchronization of prices for random order generation across multiple listings of the same instrument.
• Real-Time Data Playback. In addition to playback of historic data recorded in a database or file, also the ability to take a real-time FIX feed of market data, and play it back through the simulator in a way it can be traded against.
• High Availability Recovery. Additional recovery option to run multiple simulator instances and seamlessly recover from application failures during long test runs.
• Client Simulation Mode. Simulator acting as a client, generating random orders to populate activity in a third party trading system able to receive orders through FIX.
• Extreme Market Events. Scheduling extreme events such as high volatility, large price swings, and increased market impact as part of random order generation.
• Quote-Driven Market. Publishing a stream of quotes to simulate asset classes supporting bilateral quote streams, such as Foreign Exchange price streaming and Request For Quote (RFQ) workflows, Fixed income RFQ, etc.
• AI Driven Market Simulation. Order generation via a Generative Adversarial Network (deep learning) to replace statistical or stochastic point processes approach. This allows them to mimic any markets in real time.
• QuantReplay Cloud: Deploy and use QuantReplay in the Quod Financial provided cloud.

The simplest way to get started with QuantReplay is to run it in a Docker Compose:

1. Create a directory.
2. Create a docker-compose.yml file in that directory.
3. Copy the following example in the docker-compose.yml file:

networks:
  market-simulator-net:
    driver: bridge

services:
  XETRA:
    image: ghcr.io/quod-financial/deploy_marketsim:latest
    container_name: XETRA
    networks:
      - market-simulator-net
    ports:
      - "9050:9050" # Port to send REST API requests
      - "9051:9051" # Port to send FIX messages
    volumes:
      - ./:/market-simulator/quod/data/
    environment:
      - INSTANCE_ID=XETRA
      - PREFIX=QUOD
    depends_on:
      liquibase:
        condition: service_completed_successfully

  database:
    image: ghcr.io/quod-financial/postgres_marketsim:latest
    container_name: market-simulator-database
    networks:
      - market-simulator-net
    ports:
      - 15432:5432
    volumes:
      - ./database_files:/var/lib/postgresql/data
    environment:
      - POSTGRES_DB=simdb
      - POSTGRES_USER=postgres
      - POSTGRES_PASSWORD=postgres
    healthcheck:
      test: [ "CMD-SHELL", "pg_isready --user=postgres --dbname=simdb" ]
      retries: 2
      interval: 5s
      timeout: 10s

  liquibase:
    image: ghcr.io/quod-financial/liquibase:latest
    container_name: market-simulator-liquibase
    networks:
      - market-simulator-net
    depends_on:
      database:
        condition: service_healthy

4. Run the docker compose command to start the simulator:

docker compose up -d

5. It will create a cfg directory with the following structure:
   • market_simulator.xml - main configuration file for QuantReplay (configuration documentation);
   • configSim.txt - QuickFIX configuration file QuickFIX documentation;
   • default - the directory with QuickFIX AppDataDictionary and TransportDataDictionary files of FIX 5.0 SP2 version.
6. The database already contains the demo data, which can be used to test the simulator:
   • XETRA venue;
   • instruments:
     • AMZ;
     • MSF;
     • NFC;
     • VODI;
     • VOW.
7. Now you can send REST API requests and FIX messages to QuantReplay using:
   • localhost:9050 for REST API requests;
   • localhost:9051 for FIX messages.

The following Docker Image tags are available:

• main - the latest stable version of QuantReplay. It is built from the main branch of the repository.
• latest - the same as main;
• develop - the latest development version of QuantReplay. It is built from the develop branch of the repository.
• v10 and so on - the stable released versions.

A comprehensive overview is available in the Wiki.

The complete list of supported FIX messages, tags, and message flows can be found in FIX Rules of Engagement.

request NewOrderSingle:

8=FIXT.1.1|9=126|35=D|49=CLIENT_XETRA|56=SIM_XETRA|34=2|52=20250624-14:02:53|11=1|21=1|55=VOW|54=1|60=20250624-14:02:53|40=2|44=10|38=100|59=0|10=037|

reply ExecutionReport:

8=FIXT.1.1|9=167|35=8|34=2|49=SIM_XETRA|52=20250624-14:02:53.134|56=CLIENT_XETRA|11=1|14=0|17=250624140253000000-1|37=250624140253000000|39=0|40=2|44=10|54=1|55=VOW|59=0|150=0|151=100|10=150|

request OrderCancelReplaceRequest:

8=FIXT.1.1|9=138|35=G|49=CLIENT_XETRA|56=SIM_XETRA|34=6|52=20250624-14:03:44|37=250624140253000000|11=1|55=VOW|54=1|60=20250624-14:03:44|40=2|44=20|38=100|10=174|

reply ExecutionReport:

8=FIXT.1.1|9=167|35=8|34=5|49=SIM_XETRA|52=20250624-14:03:44.524|56=CLIENT_XETRA|11=1|14=0|17=250624140253000000-2|37=250624140253000000|39=5|40=2|44=20|54=1|55=VOW|59=0|150=5|151=100|10=169|

request OrderCancelRequest:

8=FIXT.1.1|9=120|35=F|49=CLIENT_XETRA|56=SIM_XETRA|34=9|52=20250624-14:04:07|37=250624140253000000|11=1|55=VOW|54=1|60=20250624-14:04:07|10=145|

reply ExecutionReport:

8=FIXT.1.1|9=167|35=8|34=7|49=SIM_XETRA|52=20250624-14:04:07.942|56=CLIENT_XETRA|11=1|14=0|17=250624140253000000-3|37=250624140253000000|39=4|40=2|44=20|54=1|55=VOW|59=0|150=4|151=100|10=174|

request MarketDataRequest:

8=FIXT.1.1|9=140|35=V|49=CLIENT_XETRA|56=SIM_XETRA|34=13|52=20250624-14:05:08|262=1|263=0|264=0|265=0|267=6|269=0|269=1|269=2|269=7|269=8|269=H|146=1|55=VOW|10=187|

reply MarketDataSnapshotFullRefresh:

8=FIXT.1.1|9=148|35=W|34=10|49=SIM_XETRA|52=20250624-14:05:08.620|56=CLIENT_XETRA|55=VOW|262=1|268=1|269=0|278=1750773765:3|270=10|271=100|779=20250624-14:05:08.620|10=246|

request MarketDataRequest:

8=FIXT.1.1|9=140|35=V|49=CLIENT_XETRA|56=SIM_XETRA|34=48|52=20250624-14:22:20|262=2|263=1|264=0|265=0|267=6|269=0|269=1|269=2|269=7|269=8|269=H|146=1|55=VOW|10=190|

reply MarketDataSnapshotFullRefresh:

8=FIXT.1.1|9=148|35=W|34=45|49=SIM_XETRA|52=20250624-14:22:20.945|56=CLIENT_XETRA|55=VOW|262=2|268=1|269=0|278=1750773765:3|270=10|271=100|779=20250624-14:22:20.945|10=005|

reply Market data update:

8=FIXT.1.1|9=186|35=W|34=48|49=SIM_XETRA|52=20250624-14:22:53.754|56=CLIENT_XETRA|55=VOW|262=2|268=2|269=0|278=1750773765:4|270=20|271=100|269=0|278=1750773765:3|270=10|271=100|779=20250624-14:22:53.754|10=033|

The REST API is used to manage QuantReplay, listing, adding, and modifying data in the database. QuantReplay replies to REST API requests with JSON strings.

The complete list of supported REST API requests can be found in the REST API documentation.

The examples below show how to send REST API requests to the QuantReplay simulator using curl or Invoke-RestMethod (PowerShell):

• Get list of venues:

curl -X GET "http://localhost:9050/api/venues"

Invoke-RestMethod -Uri "http://localhost:9050/api/venues" -Method GET | ConvertTo-Json -Depth 100

• Get list of instruments:

curl -X GET "http://localhost:9050/api/listings"

Invoke-RestMethod -Uri "http://localhost:9050/api/listings" -Method GET | ConvertTo-Json -Depth 100

• Get the status of QuantReplay:

curl -X GET "http://localhost:9050/api/venuestatus"

Invoke-RestMethod -Uri "http://localhost:9050/api/venuestatus" -Method GET | ConvertTo-Json -Depth 100

• Insert a new venue:

curl -X POST -d '{"id": "NewExchange", "name": "NewExchange", "engineType": "Matching", "supportTimeInSales": false, "supportTifIoc": false, "supportTifFok": false, "supportTifDay": false, "includeOwnOrders": false, "restPort": 9087, "orderOnStartup": true, "randomPartyCount": 1}' http://localhost:9050/api/venues

Invoke-RestMethod -Uri "http://localhost:9050/api/venues" -Method POST -Body '{"id": "NewExchange", "name": "NewExchange", "engineType": "Matching", "supportTimeInSales": false, "supportTifIoc": false, "supportTifFok": false, "supportTifDay": false, "includeOwnOrders": false, "restPort": 9087, "orderOnStartup": true, "randomPartyCount": 1}' | ConvertTo-Json -Depth 100

Please refer to the following resources for documentation:

1. The official QuantReplay documentation https://quod-financial.github.io/quantreplay/index.html
2. README.md
3. Wiki

For additional help, you can reach out to us via GitHub: for bug and issue reports, use "Issues"; for general questions - "Discussions". A member of our team will be happy to assist you shortly.

QuantReplay is an open-source initiative by Quod Financial, a leading provider of multi-asset trading technology. To explore our products and services, visit quodfinancial.com.