A powerful engine for the “race to zero”
Xero is a hardware-based trading platform that can execute trading algorithms in less than a microsecond. Missing too many trading opportunities? Suffering from severe slippage? Tired of getting picked off by faster firms? Xero is the solution to your need for speed.
Diverse Use Cases
- Market making
- High-frequency proprietary trading
- Speed-sensitive execution algorithms (e.g. intermarket sweeps)
- Order protections in volatile markets (i.e. pick off prevention)
Xero performs speed-critical functions in reconfigurable logic within a Field-Programmable Gate Array (FPGA) that includes embedded network interfaces. Those interfaces directly connect to the market data feed and order entry gateway of a trading venue. Xero performs market data feed normalization and order submission to support “fast path” trading functions in reconfigurable logic. Trading applications control “fast path” functions and perform additional functions in software via an easy-to-use API.
As an off-the-shelf product, Xero eliminates the high cost, long development time, and technical risk of building custom hardware internally. Unless you prefer to spend months (or years) and millions of dollars attempting to develop a similar solution, talk to us today about using Xero for your speed-critical trading. Why wait longer, pay more, and assume the technical risk?
Xero is the first hardware “tick-to-trade” solution whose performance has been verified independently by the Securities Technology Analysis Center (STAC®). The new STAC-T1.EMINI™ Benchmark Report details the time required to consume recorded market data for CME E-mini futures, compute specified trading logic, and send orders to simulated exchange gateways. When replaying CME market data at the recorded rate and eight times the recorded rate, the tick-to-trade latency distribution of Xero was consistently 0.552 microseconds at the mean and 0.609 microseconds at the 99th percentile for the Start-of-Message to Start-of-Frame (SOM-to-SOF) measurement. The standard deviation of latency was less than 0.011 microsecond. Additional measurements are detailed in the STAC Report.