generated: '2026-07-20'
method: searched
source:
  - https://docs.moment.com/reference/uat-testing-environment
  - https://docs.moment.com/reference/mock-instruments
name: Prod Paper (UAT)
description: >-
  Moment's Prod Paper (UAT) environment runs end-to-end tests against Moment's
  Simulation engine, which mimics trading venues and dealers. Services are kept
  at parity with production; the simulator generates market data and
  fills/rejects orders with no real financial impact.
environment_selection:
  mechanism: separate Prod Paper (UAT) API key
  detail: >-
    Use a Prod Paper API key to route calls to the UAT/simulation environment.
    The full set of in-scope instruments is retrievable via the ListInstruments
    reference-data API when authenticated with a Prod Paper key.
trading_window:
  timezone: US/Eastern
  detail: >-
    Extended-hours-eligible instruments execute immediately from pre-regular
    hours (00:07AM) through post-regular close (11:58PM); non-eligible
    instruments queue before 9:30AM open and reject after 4PM. Orders before
    00:07AM or after 11:58PM are rejected.
mock_instruments:
  note: >-
    Trading mock bonds publish a constant offer price of 101, bid price of 100,
    and max quantity of 500K (pre-fee; visible prices vary by fee schedule).
    Trade size is always in dollars, never cents. Values below are published
    verbatim by Moment for deterministic UAT testing.
  fixed_income_market_data:
    - cusips: [880591DM1, 38143C3G4]
      behavior: No Quotes (simulate illiquid bonds)
    - cusips: [3130A6RM1, 931142DB6]
      behavior: Only Bids (simulate bid-side-only market)
    - cusips: [3130A2UW4, 38143CFG1]
      behavior: Only Offers (simulate ask-side-only market)
    - cusips: [all other in-scope CUSIPs]
      behavior: Bids and Offers (simulate two-sided market)
  fixed_income_trading:
    - cusip: 912810SX7
      behavior: 1 fill after 1 second
    - cusip: 912810SU3
      behavior: 1 fill after 1 minute
    - cusip: 912810SS8
      behavior: 2 fills, each after 1 minute (partial fill when notional >= 2000)
    - cusip: 912810RY6
      behavior: Hang until market close, then expire
    - cusip: 912810UK2
      behavior: Unsolicited cancel by venue
  fractionalized_bonds:
    - cusip: 91282CJG7
      behavior: Two-sided market / fill any quantity at Moment Markets
    - cusip: 501044DM0
      behavior: Fill fraction at Moment Markets, whole quantity at another venue
    - cusip: 3130A6RM1
      behavior: Only Bid quotes
    - cusip: 3130A2UW4
      behavior: Only Ask quotes
  equities:
    - {ticker: AAPL, cusip: '037833100', behavior: Always rejects}
    - {ticker: MSFT, cusip: '594918104', behavior: 1 fill after 1 minute (limit); market fills immediately}
    - {ticker: TSLA, cusip: 88160R101, behavior: 2 fills, second after 1 minute}
    - {ticker: NVDA, cusip: 67066G104, behavior: Unsolicited cancel by venue after 1 minute}
  etfs:
    - {ticker: VXF, cusip: '922908652', behavior: 1 fill after 5 minutes (limit)}
    - {ticker: VTV, cusip: '922908744', behavior: 1 fill after 5 minutes (limit)}
    - {ticker: VOE, cusip: '922908512', behavior: 1 fill after 5 minutes (limit)}
  mutual_funds:
    - {ticker: SPAXX, cusip: 31617H102, behavior: Always rejects}
    - {ticker: VTSAX, cusip: '922908728', behavior: Immediate fill at NAV}
fill_conditions:
  detail: >-
    For a mock order to fill: (1) trade price must match the OrderBook quote,
    (2) trade size <= the quantity offered for the matching quote, and (3) for
    partial-fill instruments, all_or_none=true fully fills when order-book
    liquidity exists. Otherwise the simulator sends a venue cancellation.
rfq_uat:
  source: https://docs.moment.com/reference/rfq-uat-testing-environment
  detail: A parallel RFQ UAT environment and RFQ mock-instruments guide support RFQ-flow testing.