at Financial Technnology Year
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ADM-PCIE and Custom FPGA Trading Platforms from Alpha Data
High-performance FPGA boards (PCIe and network attached) for low-latency order processing, connectivity, and feed handling; supplied with partner and in-house-developed financial IP cores.
Product analysis by function
FPGA and ASIC Solutions for Market Making/Proprietary Trading
Specialized hardware accelerators using Field-Programmable Gate Arrays or Application-Specific Integrated Circuits to achieve ultra-low latency for critical trading functions.
More FPGA and ASIC Solutions
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Latency & Performance
(2 Yes /2 Known /10 Possible features)
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End-to-end system latency The total time taken from the arrival of market data to the execution of an order, measured under load. |
No information available | |
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Order processing speed Average time taken to receive, process, and send an order to the exchange. |
No information available | |
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Deterministic latency (jitter) Variation in latency; lower jitter ensures more predictable performance. |
No information available | |
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Message throughput Maximum number of messages the system can process per unit of time. |
No information available | |
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Tick-to-trade time Time between receiving a price update (tick) and sending a trading action. |
No information available | |
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Batch processing capability Ability to process multiple orders/quotes in parallel batches for efficiency. |
Product notes and application webpage emphasize batch/parallel order processing via high-performance FPGA hardware. | |
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Multicore/parallel processing support Ability to utilize multiple hardware execution paths to increase speed. |
FPGA platforms and IP cores imply multicore/parallel processing architecture, typical for this hardware class. | |
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Interrupt processing efficiency Optimization of hardware interrupts for real-time responsiveness. |
No information available | |
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Clock synchronization accuracy Accuracy of timestamping and time synchronization across systems. |
No information available | |
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Hardware thread context switching Number of context switches per second supported by hardware threads. |
No information available |
Connectivity & Protocol Support
(5 Yes /5 Known /10 Possible features)
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Exchange protocol support Native, high-performance support for popular market protocols (e.g., FIX, OUCH, ITCH, XPRS, proprietary protocols). |
Product advertises native support for FIX, XPRS and custom protocols via IP cores and reference designs. | |
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Direct market access (DMA) Provides direct, bypassed connectivity to the exchange’s matching engine. |
Direct market access is a promoted use-case for these FPGA boards in low-latency trading. | |
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Market data feed handling Support for raw multicast/unicast feeds, including normalization and decoding. |
Feed handler and market data normalization capability (via IP cores) is described on product page. | |
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Multicast data support Ability to ingest and process multicast market data feeds with minimal packet loss. |
Multicast data support is industry standard in FPGA-based trading platforms; referenced in solution notes. | |
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Network interface redundancy Capability to provide multiple redundant physical/network interfaces. |
No information available | |
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FPGA-based TCP/UDP stack On-chip hardware implementation of network stacks for ultra-low latency. |
No information available | |
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Feed handler capacity Maximum number of concurrent feeds supported. |
No information available | |
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Packet-per-second processing Capable of processing high packet rates, important for bursty trading periods. |
No information available | |
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Pluggable protocol modules Ability to extend support to additional protocols via add-on modules. |
Reference to pluggable/custom protocol IP core modules implies support for extensible/protocol modules. | |
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Smart order routing support Supports intelligent order routing directly from hardware. |
No information available |
Order Management & Execution
(3 Yes /3 Known /10 Possible features)
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Pre-trade risk checks Hardware-accelerated compliance and risk management prior to order release. |
No information available | |
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Order matching engine Capability to implement or interface with a low-latency order matcher. |
Low-latency matching engine (either in IP core or custom logic) supported according to solution literature. | |
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Cancel/replace speed Time required to cancel or replace an order. |
No information available | |
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Batch order submission Ability to submit and process batched orders natively. |
Batch order submission supported via batch/parallel processing and IP core design focus. | |
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Order book management On-chip maintenance and updating of order books at ultra-low latency. |
Order book management is referenced both as integrated IP core and custom FPGA logic option. | |
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Throttling & flood protection Protects against excessive order rates or malicious activity in hardware. |
No information available | |
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Order deduplication Hardware-level identification and removal of duplicate orders. |
No information available | |
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Order-to-trade ratio enforcement Imposes market-compliant order/trade activity limits in real-time. |
No information available | |
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Position management Real-time tracking and updating of open positions in hardware. |
No information available | |
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Quote risk reduction Automatic quote removal based on preset risk parameters. |
No information available |
Product Flexibility & Customizability
(7 Yes /7 Known /10 Possible features)
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Reconfigurability (FPGA) Ability to reprogram logic without replacing hardware. |
FPGA platforms are by definition reconfigurable – reprogrammed with new business logic as required. | |
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Remote upgrade capability Support for remote re-flashing/upgrading of device firmware or logic. |
Remote field upgrade and flashing is available for PCIe/FPGA platform firmware by design. | |
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Strategy code hot-swapping Allows replacement of business logic without system downtime. |
No information available | |
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Parameterization of trading logic Trading strategies can be dynamically tuned via external interfaces. |
Trading logic IP cores and firmware can be parameterized via APIs/config, according to solution docs. | |
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Custom protocol/handler development support SDKs/Toolkits available for building custom market interfaces. |
Development toolkits and SDKs for custom IP/protocol/core development available (noted on website). | |
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Support for multiple asset classes Design supports cash equities, derivatives, FX, and other asset types. |
Solution supports multiple asset classes (cash/derivs/FX) via different available IP cores. | |
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API/SDK availability Provision of robust developer tools and APIs for user extensions. |
SDKs and APIs for platform programming and customization are standard and referenced in solution and documentation. | |
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IP core reuse FPGA/ASIC logic blocks can be reused across multiple projects. |
No information available | |
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On-the-fly logic reload time Time it takes to upload a new strategy or logic image without cold restarting. |
No information available | |
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Simultaneous multi-strategy support Can run different strategies in parallel, isolated from each other. |
Multiple strategies can be run in parallel on many-core FPGAs via partitioned logic. |
Reliability, Redundancy & Fault Tolerance
(0 Yes /0 Known /10 Possible features)
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Dual-power supply support Capability to operate from redundant power sources. |
No information available | |
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Hot-swappable components Critical hardware modules can be replaced without system downtime. |
No information available | |
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Error detection & correction In-built mechanisms for detecting and correcting hardware errors (ECC). |
No information available | |
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Watchdog hardware Monitors hardware for lockups and initiates automated recovery. |
No information available | |
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Backup failover support Automatic switchover to redundant modules during failures. |
No information available | |
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Uptime/availability SLA Service level agreement for guaranteed uptime. |
No information available | |
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Hardware self-test Self-diagnostic routines initiated at startup or on-demand. |
No information available | |
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Component health monitoring Real-time monitoring/alerts for hardware status (temps, voltage, runtime errors). |
No information available | |
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Automatic error/fault logging Logs and notifies operators upon hardware or logic errors. |
No information available | |
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Mean time between failure (MTBF) Expected average operational lifetime before failure. |
No information available |
Security & Compliance
(2 Yes /2 Known /10 Possible features)
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Secure boot Only authenticated firmware/images are allowed to load on device. |
FPGA platform supports secure boot (bitstream authentication), common and advertised on product datasheet. | |
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Encrypted communication In-built support for data encryption over networks (TLS, IPsec, etc). |
No information available | |
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Access control & authentication Fine-grained user roles and hardware-level authentication mechanisms. |
No information available | |
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Audit trail logging Full traceability of system actions/changes for compliance. |
No information available | |
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Physical tamper detection Hardware detects and alerts on unauthorized physical access. |
No information available | |
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Hardware root of trust On-chip cryptographic anchors for strong security. |
FPGA hardware root-of-trust features present in platform, as per vendor and FPGA industry standard specifications. | |
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Regulatory reporting support Support for automated real-time regulatory data collection and reporting. |
No information available | |
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Order filtering for market integrity Rejects orders that violate exchange rules or regulatory requirements. |
No information available | |
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GDPR/data privacy features Capabilities for secure, auditable data handling per privacy regulations. |
No information available | |
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Configurable compliance checks Allows user-defined compliance/risk checks updated as regulations evolve. |
No information available |
Monitoring, Analytics & Diagnostics
(0 Yes /0 Known /10 Possible features)
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Integrated system monitoring Live telemetry of latency, throughput, drops, and exceptions. |
No information available | |
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Customizable alert thresholds User-defined triggers for notifications and response actions. |
No information available | |
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Historical data logging Stores/analyzes trading, order, and latency events for post-mortem analysis. |
No information available | |
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Performance analytics dashboard Dashboards for visualizing key system and trading metrics. |
No information available | |
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Latency heat maps Granular visualization of latency sources and patterns. |
No information available | |
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On-chip hardware counters Track specific hardware metrics in real-time. |
No information available | |
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Remote diagnostics interface Access hardware diagnostics securely via remote connection. |
No information available | |
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Anomaly detection Automated identification of abnormal system or trading events. |
No information available | |
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Real-time order book visualization See, in real-time, order book changes as processed by hardware. |
No information available | |
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Comprehensive API for monitoring Expose all metrics and diagnostics via API for integration. |
No information available |
Integration & Ecosystem Support
(7 Yes /7 Known /10 Possible features)
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OMS/EMS integration ready Proven connectors for popular Order/Execution Management Systems. |
No information available | |
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REST/gRPC/other API support APIs for integrating application logic and control. |
APIs and interface support for various integration protocols, including REST and custom APIs, confirmed in documentation. | |
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FIX protocol gateway Supports FIX protocol for external connectivity. |
FIX protocol gateway/native FIX support available via IP cores and CI integration options. | |
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Custom integration SDK SDK provided for bespoke integrations. |
SDK-enabled product, custom SDK mentioned for protocol and integration development. | |
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Simulated exchange/test harness Support for backtesting and simulated trade flows. |
Backtesting/simulation harnesses referenced as available for application and integration testing. | |
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Linux/Windows driver availability Drivers for seamless operation with popular OS platforms. |
Linux/Windows driver support, confirmed in documentation for PCIe-based FPGA cards. | |
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Cloud-adapted connectivity Supports hybrid or fully cloud-based deployments. |
No information available | |
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Debugging and profiling tools Integrated tools to debug and profile trading logic. |
No information available | |
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Support for co-packaged software Bundled software libraries/utilities for basic tasks. |
FPGA boards ship with bundled libraries for reference/standard software tasks. | |
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Versioning and rollback support Handles multiple firmware/strategy versions, can rollback in case of issues. |
Support for firmware and bitstream version control and rollback available as standard from vendor. |
Hardware, Footprint & Deployment
(4 Yes /4 Known /10 Possible features)
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Power consumption Typical or maximum power draw under load. |
No information available | |
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Physical form factor Supported deployment formats (PCIe card, appliance, rack-mount, etc.) |
Product is available as PCIe card or rackmount; physical form factor supported. | |
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Operating temperature range Supported environmental operating temperatures. |
No information available | |
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Size/dimensions Physical size of the hardware unit. |
No information available | |
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Rack density Number of deployment units per rack. |
No information available | |
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Environmental certifications Certifications for datacenter or colo environment (RoHS, CE, FCC, etc). |
Alpha Data boards are RoHS, CE, FCC compliant – certifications referenced in hardware datasheets. | |
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Noise level Acoustic noise output for deployment environments. |
No information available | |
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Onsite/offsite installation service Vendor provides professional installation services. |
Professional installation/commissioning service is available for hardware deployment. | |
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Hot/cold aisle compatibility Supports modern datacenter airflow management. |
No information available | |
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Upgradeable hardware modules Modular components for incremental upgrades. |
Hardware supports modular/upgradeable daughterboards and interface modules. |
Vendor Support & Service
(10 Yes /10 Known /10 Possible features)
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24/7 technical support Round-the-clock access to technical assistance. |
24/7 support is a standard offering for mission-critical financial deployments as listed on the vendor support page. | |
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Dedicated support engineer Assigned support person for project lifetime. |
Enterprise/professional customers can get dedicated support engineer with service contract. | |
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Knowledge base / documentation Vendor provides extensive user guides, FAQs, and troubleshooting. |
Comprehensive documentation and online knowledgebase provided for product/daughterboard, as shown on vendor site. | |
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On-site training Training delivered at the client’s site. |
On-site and remote training/deployment options are available for enterprise/broker customers. | |
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Remote support tools Vendor can securely access and troubleshoot systems remotely. |
Remote support/diagnostics available for PCIe/network FPGAs per vendor support docs. | |
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Firmware/hardware update cycles Regular patches and updates are released on schedule. |
Regular firmware/software release schedule for card and IP/SDK. | |
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Community support/user forums Active user forums or groups. |
Active user forum and community for Alpha Data/FPGA financial app. | |
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Proof of concept (POC) services Support for POC, pilot deployments before large-scale rollout. |
Proof-of-concept and evaluation hardware/services available from vendor. | |
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Third-party integration consultancy Vendor helps integrate product with third-party technology. |
Professional integration and consultancy services offered by Alpha Data. | |
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End-of-life (EOL) policy transparency Clear roadmap for support duration and upgrade path. |
Vendor publishes product lifecycle, EOL, upgrade, and support roadmap. |
Cost & Commercial Considerations
(4 Yes /4 Known /10 Possible features)
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Initial hardware cost Upfront purchase price of the system. |
No information available | |
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Annual maintenance/support costs Recurring yearly fees for vendor support and maintenance. |
No information available | |
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Software licensing flexibility Flexible terms (perpetual, subscription, usage-based). |
Flexible licensing and acquisition models (purchase, subscription, rental) offered, as per vendor commercial terms. | |
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Upgrade costs Expected costs for future hardware or software upgrades. |
No information available | |
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Total cost of ownership (TCO) calculator Vendor supplies clear models for long-term cost analysis. |
No information available | |
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Volume/enterprise discounts Discounts available for large-scale or group purchases. |
Volume/enterprise purchase discounts are available, as per vendor. | |
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Warranty duration Duration of included manufacturer’s warranty. |
No information available | |
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Lease or rental options Non-purchase acquisition models available. |
Lease/rental options offered for hardware deployment – see vendor acquisition models. | |
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Professional services fees Transparent pricing for consulting, integration, or customization. |
No information available | |
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Flexible payment terms Vendor offers alternative payment scheduling or structures. |
Flexible payment terms available, per Alpha Data financial solutions terms page. |
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