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Tradecope


Overview

Hardware accelerated, ultra low latency solution for electronic, algorithmic and high frequency trading


Tradecope, from the team at Netcope Technologies, is the first easy-to-use solution for low-latency trading that allows every user to benefit from pure hardware trade processing without requiring the support of an FPGA expert.

Tradecope is delivered as a complete solution, including both hardware and software. The platform is composed of an FPGA network interface card with relevant firmware and an API including examples of software applications. This combination helps users to achieve extremely low latency.

Tradecope can be used in many different ways, thanks to its modular system design:
  • Data Filtering
  • In-Hardware Processing Pipeline
  • Accelerated Feed Handler
  • Data Normalisation
  • Accurate Market Data Recording and Replaying
  • Pre-trade Risk Checks and TCP Injection

Technical

  • A-B channel arbitrage
  • Sequence number gap detection
  • FIX/FAST and binary decoding
  • Message and symbol filtering
  • Building an order book representation in FPGA
  • Computation of pre-defined statistics (EMA, MID etc.)
  • Trading strategy triggered by market update
  • Sending orders to market with risk check
  • All data are accessible in software through an API
  • Based on Xilinx Virtex UltraScale+ FPGA chip
  • C++ API for configuration and communication with the card
  • Framework for writing trading algos in high level programming language
  • Full tick-to-trade pipeline in FPGA
  • Sample applications and strategies, drivers for Linux OS and User Guide included
  • Set of firmware libraries (tick-to-trade pipeline) included
  • Sub-microsecond wire-to-wire latency

Specifications

Pure hardware performance
The whole trading pipeline from receiving market data, through packet arbitration, message decoding, book building, trading strategy execution, risk check and order generation is implemented and runs directly in the hardware. This allows us to fine tune every single processing step and achieve sub-microsecond tick-to-trade latency.

Easy to use
The user is abstracted from the FPGA internals and hardware specific details and can use Tradecope as if it were a software solution. This level of abstraction enables anybody to use Tradecope and benefit from pure hardware processing. It allows a quantitative analyst, equity trader or anyone else to focus on the trading strategy without the need to worry about low-level programming, market data formats or digital hardware design.​

Strategies and API in C++
We provide a latency-optimized API allowing the user to easily communicate with the card and build software routines for further management of trading behavior. The latency-insensitive part of the trading strategy should run on the CPU to keep the latency-sensitive part in the FPGA as fast as possible. Using the optimized API, the software can send parameters to the logic in the FPGA to modify its behavior on the fly.

Write your decision logic in C/C++
From the end user’s point of view, the only requirement is to provide decision-making logic written in the C/C++ language (or optionally in HDL). This code is automatically transformed into a hardware representation and connected to the hardware pipeline in the FPGA. After that, Tradecope is ready to trade. This includes statistics gathering, trading parameter updates and offloading of the latency-insensitive parts of the trading strategy to the CPU to keep the latency-sensitive part in the FPGA as fast as possible.

Deliverables
Tradecope is delivered as a hardware/software solution composed of an FPGA network interface card, appropriate firmware with card management tools, and an API with examples of software applications. The modularity of Tradecope allows us to create turnkey solutions for our customers and/or supply only specific IP cores necessary for a particular customer’s requirements

Support
Netcope Technologies is able to provide you with assistance in implementing your solution as well as further customisations above the standard level. It is possible to arrange an evaluation period to accommodate in-house testing and PoC in the customer’s environment.

Technical documents

Ordering information

If you'd like to discuss using Tradecope in your project with one of our engineers please get in touch.

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