Abstract: A financial market replicator and, simulator, intermixes and records data streams of real time financial market data. The FMRS replays such recorded data to simulate the real time financial market(s) in a manner that represents substantially the entirety of information relating to the financial market(s) such that an observer would have difficulty differentiating between the simulator playback of the data and real time data. A user may employ the playback as a research and training tool for developing and executing trading strategies. A user may then determine if the trading strategy would have been successful. In addition, a user may alter the recording and playback parameters to provide various opportunities for studying market activity and/or altering the level of challenge of the simulation. A user may also freeze the simulator playback in order to explore the behaviors of the market's participants and related securities.