The FPGA-Based Market Data Consolidator Builds Composite Order Books Across Multiple Venues in Under 500ns
NEW YORK, PARIS – July 22, 2021 – NovaSparks™ today announced a major enhancement to NovaTick™, its innovative FPGA-based ticker plant, consisting of an entirely FPGA-based order book consolidator that sets a new benchmark for latency and determinism in high volume trading.
Traditionally, consolidating order books and aggregating BBOs (Best Bid & Offers) across multiple venues have been carried out in software, executed on central-processing-units (CPUs), consuming hundreds of microseconds of time with a negative impact on trading quality.
NovaSparks removes the bottleneck of aggregating market data from multiple exchanges using direct feeds and offers the lowest latency ever, and in the smallest footprint.
When TOB (Top-of-Book) for a security emerges at an exchange data center, NovaSparks’ new market data aggregator —in colocation at the same data center— can update the BBO information in a user application in less than one microsecond, a speed never achieved before. Trading firms can get faster access to the U.S. Equities National BBO, microseconds ahead of any software solution. U.S. SIP (Securities Information Processor) compliant feeds can also be used to complete the BBO at a lower cost for the smaller volume exchanges.
“Our entirely FPGA-based consolidator provides the fastest solution on the market and relieves trading firms from developing and maintaining their own custom book or BBO aggregation solutions,” stated NovaSparks CEO, Luc Burgun. “Faster access to a global view of the markets provides a better price and order filling ratio for order execution, lowers risks for market makers and expands trading opportunities for banks and trading firms”.
Implemented on an additional FPGA layer on top of the existing 70 feed handlers already available in NovaTick, the consolidator reads normalized books already processed by NovaTick. It generates normalized order books or BBOs to be consumed by software trading applications—via PCIe or Ethernet—or by hardware trading applications—through NovaLink—in colocation or abroad (through wireless/RF networks).
NovaSparks’ aggregator is available today for U.S. and Canadian Equities markets. Next up will be European Equities markets as well as U.S. Options Markets. This solution positions NovaSparks to become a competing consolidator for the future U.S. SIP under the SEC Rules.
About NovaSparks, Inc.
NovaSparks is the leader in FPGA-based high performance and ultra-low latency trading solutions for financial markets. NovaTick™, its flagship Ticker Plant product, supports 70 feeds across the major Equities, Futures and Options trading venues in North America, Europe and Asia and is packaged in scalable easy-to-deploy appliances or in tightly coupled PCIe cards. NovaSparks FPGA approach delivers normalized market data, including book building and consolidation in less than one micro-second, even during market peaks period. This level of performance is extended to the whole trading cycle with the NovaSparks pure FPGA Tick-to-Trade solutions or can be leveraged for custom projects through the NovaSparks open FPGA trading development platform. NovaSparks is headquartered in Paris (France) and has offices in Nantes (France) and New York City (USA).