Market Triggers is a hardware-based trade execution solution, built using FPGA technology, targeting sub-microsecond latency execution of trigger conditions provided by trading strategies residing on software.
Market Triggers achieve less than 300 nanosecond wire-to-wire latency by receiving market data directly into FPGA from the wire, and on trigger, placing orders to the Exchange’s Order Gateway.
- Network related processing for communication with Exchange’s Market data gateway.
- Security based filtering consolidation.
- Message parsing.
- Maintains and executes the Trigger conditions .
- When Trigger conditions are met, it instructs the RMS for Order placement.
- It allows trader to communicate Market Trigger conditions and corresponding order actions, at run time.
- It is also used for communicating to the host, the Notifications in event of trigger, and Trade & Order Response.
Risk Management System [RMS]
- RMS ensures the compliance with risk management requirements for the orders sent to Exchange.
- TCP related processing for interactive communication with Exchange’s Order Gateway.
- Ensures throttling.
- Message processing & parsing operations.