The Nasdaq Stock Market has announced the launch of Replay, a data tool that provides a Nasdaq-validated replay and analysis of the market. According to the firm, Market Replay allows users to view the order book at any point in time, replay the market in simulated real-time or at an accelerated or decelerated speed, and zoom in to view events at the millisecond level.
Nasdaq says Market Replay allows users to analyse whether completed trades received best execution.
"I can think of a million uses for Market Replay," says John Jacobs, director of operations, Lime Brokerage. "Market Replay could be a big help to our trading desk," he adds.
"With Market Replay, users can ascertain exactly how orders interact with the market down to the millisecond at which trades occur,'' explains Adena Friedman, executive vice president, Nasdaq.
According to Nasdaq, Market Replay can be used by all market participants including institutional and retail investors, professional and non-professional traders, and compliance officers.