Abstract: A method, market test system and computer program product simulate a live, reactive trading market to test an electronic trade strategy. An incoming historical market data feed is received and modified for re-execution. Securities orders are received from an electronic trade strategy and from the modified historical market data feed. Each securities order is tagged to identify a source of origin. Securities orders are executed according to a full market model of a target trading venue. The executed orders are analyzed to identify the source of origin. A price modification value is calculated based on executed orders originating from the electronic trade strategy. The price modification value is used to modify prices of securities orders in the incoming historical market data feed. The incoming historical data feed may be modified by removing “executes.” A configurable personality profile may be applied to alter behavior of the simulated trade market.