Imandra Markets® is a suite of AI-powered services for trading venues, bringing forward the next generation of transparency, oversight and data products.


  • Precision

    Complete, Intelligent Testing coverage

    Imandra's Region Decomposition feature analyzes a system's infinitely many possible inputs and state transitions and compresses them into a suite of diverse test vectors with quantitative coverage metrics.

  • Speed

    Much shorter time to market

    Rigorous testing and governance mean you can deploy faster with more confidence, so you can focus on improving your client experience within rigorous regulatory constraints.

  • Profit

    Optimal financial performance

    Modern trading systems are complex - calibrating their performance and client experience was traditionally manual, qualitative, and ad hoc. Imandra Markets gives you quantitative and systematic actionable intelligence to ensure you're getting the most out of your system.


With our patented approach we create a fully functional and logically precise replica (a “digital twin”) of your exchange or venue, and use AI to ensure its compliance and implementation correctness.

Digital Twin

design, test,
calibrate, audit

AI-powered Model-Based Software Development for complex trading systems.

Software Development

Financial systems have become too complex for the traditional tools and methods used to design and test them. Luckily, recent breakthroughs in AI and mathematics pave the way for a much-needed overhaul.

Imandra Markets overhauls the entire lifecycle of your venue. It unlocks the true potential of your services by digitizing the design, expediting the software development process and harnessing new revenue streams.

Imandra Markets

Imandra Markets® provides the full gamut of AI-based tools and services for designing, testing, calibrating, and auditing complex financial systems.

Imandra Markets Platform



Customer Experience

Business Intelligence

Operational Resilience


Operational Risk & Outages

Regulatory Risk

Deployment Schedules

As we have seen over recent years, major exchange outages have a market-wide impact. Imandra uses cutting-edge AI to:

  • • identify bugs,
  • • race conditions and
  • • prove that your public rulebook disclosures are accurate.

Imandra will expedite your change management with automated functional and regression testing.



True governance means understanding every single decision that a system makes.

  • Aggregates all relevant data and checks every outcome against the formal model.
  • Visually displaying individual traces and the aggregate performance statistics.
  • Know even the smallest functional deviation occurs.
  • No other tool will give you this level of insight into how your system operates.
System Auditor
System and client insights

System and
Client Insight

There is a big difference between a bug-free system and one that operates at peak performance.

  • Analyze your clients' interactions.
  • Run many "what if" scenarios to create actionable intelligence.
  • Improve clients experience.
  • Empower yourself and your sales force with a systematic and quantitative process for calibrating the operation of your system.


Imandra's unprecedented automation makes it possible to apply Formal Verification to financial systems.

Formal Verification (FV) was traditionally reserved for highly specialized teams of PhDs at places like NASA. Imandra's unprecedented automation makes it possible to apply this to financial systems. In safety-critical industries, over 70% of bugs occur at the design stage - we use FV to ensure your business logic is consistent with your requirements and that you fully understand the non-trivial knock-on effects of new feature requests (before they are released into production).

System Auditor

Region Decomposition

Imandra's Region Decomposition is a novel AI technique for exploring systems' vast (virtually infinite) state-spaces

  • Inspired by testing methods used in avionics for autopilot systems.
  • Identify unique edge cases in system behaviors.
  • Construct test vectors and compare results against the formal model.
  • Useful for systems with complex and dynamic state-spaces.
  • Improves system reliability and performance.
  • Reduces the time and resources needed for testing.

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