HotOS'13 Proceedings of the 14th USENIX conference on Hot Topics in Operating Systems
XLynx—An FPGA-based XML filter for hybrid XQuery processing
ACM Transactions on Database Systems (TODS) - Invited papers issue
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Current High-Frequency Trading (HFT) platforms are typically implemented in software on computers with high-performance network adapters. The high and unpredictable latency of these systems has led the trading world to explore alternative "hybrid" architectures with hardware acceleration. In this paper, we survey existing solutions and describe how FPGAs are being used in electronic trading to approach the goal of zero latency. We present an FPGA IP library which implements networking, I/O, memory interfaces and financial protocol parsers. The library provides pre-built infrastructure which accelerates the development and verification of new financial applications. We have developed an example financial application using the IP library on a custom 1U FPGA appliance. The application sustains 10Gb/s Ethernet line rate with a fixed end-to-end latency of 1碌s -- up to two orders of magnitude lower than comparable software implementations.