High-frequency trading-focused market data firm Burstream has released a market data service that can process data in less than 900 nanoseconds, even during periods of market volatility.
The firm's NanoSpeed Market Data Mesh service is designed for proprietary traders that trade on Nasdaq OMX's US equity platform. Based on field programmable gate array feed handlers and order book managers supplied by low-latency trading technology firm NovaSparks, the service reported average latency at 400 nanoseconds and maximum latency lower than 900 nanoseconds during tests in August.
The feed handlers and order book managers from NovaSparks were built to enable trading algorithms to access market data as quickly as possible, with no slowdowns during market bursts. The design was developed to eliminate fluctuations typically seen in conventional software and hardware-accelerated approaches. Burstream has reported that algorithms using the feed receive normalised order book data via dedicated connections in less than 900 nanoseconds even during volume bursts and message peaks.
“We believe that our 100% field programmable gate array vision is the only proven method that handles the critical market data bursts without increasing latency,” said Yves Charles, NovaSparks CEO.
The NovaSparks Gen2 market data appliance works as a customised hardware solution, with capacity to handle up to 10 million updates per second. It also has capacity for 21 simultaneous output connections. Users can select specific sets of instruments for each individual output, enabling different servers and strategies to work simultaneously with only the instruments that interest them.
The Burstream feed handler offers subscription-based filtering, feed normalisation and order book management. Initially available for Nasdaq's ITCH feed, Burstream intends to announce additional venues over the next few months.