Algo-Logic Systems announces the release of their latest Field Programmable Gate Array (FPGA) accelerated CME Tick-To-Trade (T2T) System.
The sub-microsecond trading solution is ideal for latency-sensitive trading firms that need deterministic response times to market opportunities. The CME T2T System is built using internally developed, pre-built FPGA IP cores that significantly reduce time-to-market and provide flexibility for customizations.
The sub-microsecond wire-to-wire latency is achieved by performing all trade operations in FPGA logic. Operations offloaded to the FPGA include (i) processing CME MDP 3.0 tick data on a 10 Gigabit/second (10G) Ethernet link by the integrated Feed Handler, (ii) building the CME Futures & Options (F&O) Order Book from incremental tick data, (iii) detecting trading opportunities, and (iv) placing trades in the form of FIX messages over the 10G TCP Endpoint. The CME T2T System readily deploys into an Altera Stratix® V FPGA card that fits into most servers.
The CME T2T System is seamlessly managed through user-friendly software interfaces. A low latency messaging protocol allows traders and market makers to specify trigger conditions. Control software configures device parameters, monitors status, generates logs, and sends event notifications. The messaging protocol and control software can be integrated with client's existing Order Management System (OMS). A Graphical User Interface (GUI) and RESTful APIs in form of HTTP GET/POST requests-responses are also provided for control and monitoring of the FPGA accelerator.
The CME T2T System key benefits and features include:
FPGA acceleration: Achieves sub-microsecond (µs) latency
Deterministic performance: Eliminates order processing time variations
CME Feed Handler: Processes MDP3.0 market data with A/B faster feed arbitration
CME Order Book: Provides L2 snapshots containing Best Bid Offer (BBO)
Software friendly GUI and RESTful APIs: Manages FPGA from client software
FIX message processing: Delivers FIX messages directly to CME iLink sessions
10G TCP Endpoint: Offloads Transmission Control Protocol (TCP)