Algo-Logic’s Trade-to-Tick (T2T) System receives orders from market participants and disseminates market data to subscribers. Within the T2T system, the order sequencer module assigns a timestamp to orders and forwards the orders to the matching engines. The T2T System’s uniqueness lies in its ability to avoid delays and jitter caused by sequential software execution, bus transfers, memory copies, and cache misses that are present in standard software-only servers.
The Trade-to-Tick path starts with Order Management Gateways that receive orders from market participants over the network. Sequencers benefit from hardware accelerated time-stamping of all the orders incoming from market participants. The Matching Engines use hardware accelerated in-memory databases, called a Key-Value Stores (KVS), for maintaining open orders, aggregated order book building, sorting, as well as matching of outstanding orders based on price, timestamp, volume, and other priorities. Matched orders are distributed to clearing houses, order loggers, and to market data disseminators which multicast events to market data subscribers.
The sub-components within Algo-Logic’s Trade-toTick (T2T) System includes the Ultra-Low-Latency (ULL) PHY+MAC, Transmission Control Protocol (TCP) Endpoint, Full Order Book with aggregated in-memory matching engine, Protocol Parsers and Low Latency Library.
To learn more, read Mondo Visione's "Building Blocks of an Exchange" article below, where additional information on our Trade-to-Tick System is featured from pages 22-24 in a section titled: "Algo-Logic Systems’ FPGA solutions accelerate exchange infrastructure."