To give our API users the ability to test their integration, Moment provides a comprehensive set of simulations that simulate real world scenarios in the market. Moment has built a venue simulator that simulates market behavior and runs that against the real system in UAT. This guide is meant to explain which instruments can be used to simulate certain scenarios in the market.

The instruments are grouped into sections below: fixed income (including fractionalized bonds), equities, ETFs, and mutual funds.

Fixed Income

Market-Data

For Market-data, below has been configured to facilitate both two-sided and one-sided quotes.

Trading

Moment's paper environment supports mock instruments with deterministic lifecycles for order testing purposes. All of these instruments will be published with constant offer price of 101, bid price of 100, and a max quantity of 500K. These prices are non-inclusive of fees, so the visible prices might be slightly different depending on your organization's fee schedules.

Note: For orders to be filled, the order needs to be submitted with:

1. Trade price matching the quote from OrderBook, and
2. Trade size should be less than or equal to the quantity offered for the matching quote in OrderBook, and
3. If it's a partial fill scenario, and all_or_none is set to true, order quantity will be fully filled as long as there is liquidity on the order book.

If these conditions are not satisfied, simulator will send venue cancelation.

Fractionalized Bonds

If your organization is enabled for fractional bonds, you will have the ability to receive fractional liquidity on our UAT environment and test your integration through that.

Market-Data

For Market-data, below has been configured to facilitate both two-sided and one-sided quotes.

Trading

For Trading, below has been configured to have deterministic lifecycles for testing purposes.

Note that trade size is always in dollars and never in cents.

Equities

Equity orders are acked immediately and fill at the order's limit price; market orders fill at the prevailing market price. Any equity not listed below fills in full immediately. The instruments below exhibit deterministic test behavior.

ETFs

ETF orders behave like equities: acked immediately, filling at the order's limit price, with market orders filling at the prevailing market price. Any ETF not listed below fills in full immediately. The instruments below exhibit deterministic test behavior.

Mutual Funds

Mutual fund orders are acked and fill at NAV (the instrument's close price). Any mutual fund not listed below follows this default. The instruments below exhibit deterministic test behavior.