Exactpro and Connamara Technologies Unveil New Performance Testing Standards for Financial Markets

Connamara Technologies and Exactpro have released a joint case study detailing the independent testing of the EP3 exchange, clearing, and market surveillance platform. For fintech professionals, this provides a transparent benchmark for exchange performance that moves beyond simple "orders per second" metrics to evaluate system behavior under realistic, production-like workloads.

What was announced

The joint case study, titled "Above and Beyond the 'Orders Per Second' Metric: Testing EP3® Under Realistic Exchange Conditions," details an engagement where Exactpro independently evaluated Connamara Technologies’ EP3 platform. EP3 is a fully-integrated system designed for exchange operations, clearing, and market surveillance. The study focuses on the methodology required to assess performance, latency, and throughput under conditions that mirror actual production environments rather than idealized laboratory settings.

A key component of the announcement is the exploration of why standard performance figures can be misleading. The study notes that "orders per second" and "messages per second" represent different computational workloads and are not always directly comparable across different venues. Furthermore, it clarifies that latency figures are highly dependent on measurement boundaries, which can range from order round-trip to execution-report-to-market-data times.

The findings emphasize that the success of non-functional testing depends on developing production-like load shapes and traffic patterns. Beyond simple speed measurements, the study highlights the necessity of continuous verification to ensure that a system remains functionally accurate and consistent across all interfaces when subjected to high volumes. This approach is intended to provide trading venue operators with evidence-based data for making infrastructure and capacity decisions.

"By engaging Exactpro, a leader in financial market infrastructure testing, we knew we would obtain an unbiased evaluation of the non-functional characteristics of EP3. In doing so, we have added a level of credibility and transparency to the throughput and latency profile of EP3 that few other vendors have."

James Downs, CEO of Connamara, Connamara Technologies

The companies involved

Connamara Technologies positions itself as a provider of fully-integrated end-to-end exchange technology. The firm focuses on delivering the EP3 platform, which encompasses exchange, clearing, and market surveillance capabilities. Based at connamara.tech, the company targets market operators who require robust, high-performance infrastructure that can handle complex transaction processing across multiple asset classes.

Exactpro operates as an independent specialist in software testing, development, and consulting services, specifically tailored for financial market infrastructures. The firm has a global footprint, working with exchanges and clearing houses to ensure the resilience and performance of their systems. Their role in the industry is centered on providing objective, non-functional testing—evaluating how systems behave under stress, volume, and various traffic patterns rather than just functional correctness. By acting as a third-party auditor for performance claims, Exactpro provides a layer of validation that is increasingly sought after in a sector where microsecond differences in latency can have significant market impacts.

What this means

The release of this case study highlights a growing demand for transparency in financial infrastructure performance. For too long, the "orders per second" metric has been used as a blunt instrument for marketing, often masking the complexities of real-world trading conditions. By subjecting EP3 to independent testing, Connamara is challenging the status quo, forcing a conversation about how latency and throughput are actually measured—whether it is order-to-market-data or simple execution-report times. This move puts pressure on rival exchange technology providers to move beyond self-reported benchmarks. It raises a critical question for the sector: as trading environments become more complex, can any internal performance claim be taken at face value without independent, third-party verification?