Algo-Logic Systems’ 4th generation FPGA accelerated Gateware Defined Networking® (GDN) CME Tick-To-Trade (T2T) System is a sub-microsecond trading solution. The solution is built using Algo-Logic Systems' internally developed, pre-built IP cores that significantly reduce time-to-market and provide flexibility for customizations.

Sub-microsecond wire-to-wire latencies are achieved by receiving CME MDP 3.0 tick data directly into the FPGA on a 10G link, detecting opportunities, and placing trades in form of FIX messages encapsulated in TCP packets using the ultra low latency (ULL) 10G TCP Endpoint.

The CME T2T System is compatible with most servers and is seamlessly managed through software interfaces. A Graphical User Interface (GUI) and RESTful APIs are provided for control and monitoring of the accelerator. A low latency messaging protocol is used for specifying trigger conditions.

Product brief

Pre-Built Modules:

  • ULL 10GE PHY+MAC:
    • Lowest round trip latency of 89.6ns
    • Cut through packet processing to avoid buffering delays
  • CME Feed Handler:
    • A/B faster feed arbitration resulting in earliest possible market data event detection
    • Filtering on subscribed multicast channels
    • MDP3.0 message processing and parsing
  • CME Futures & Options Order Book:
    • Book building for instruments that have real and implied orders
    • Reporting L2 snapshots with the best bid offer (BBO) information
    • Recovery based on CME Natural Refresh mechanism in the event of packet loss
  • 10G TCP Endpoint:
    • 100% FPGA accelerated full TCP termination
    • Lowest packet processing latency
    • Full TCP protocol support including fast retransmission
  • FIX Message Processing:
    • Session tracking
    • FIX message processing and parsing