https://songkou.github.io/tags/hft/Recent content in HFT on Council of ElrondHugoenSun, 19 Jul 2026 12:00:00 +0800https://songkou.github.io/posts/low_latency_network_architecture/Thu, 10 Mar 2022 20:04:01 +0800https://songkou.github.io/posts/low_latency_network_architecture/<blockquote> <p>Originally published in March 2022. Substantially revised in July 2026: the architecture analysis was rebuilt around current exchange designs (Eurex Co-location 2.0, CME MSGW, Nasdaq NY11-4), the sequencer pattern, traffic-plane segregation, and the hybrid FPGA fast path, with refreshed vendor and latency data. Sources are linked inline; latency figures from vendor datasheets are best-case specs, not independent measurements.</p> </blockquote> <h2 id="1-what-a-trading-system-architecture-optimizes-for">1. What a trading system architecture optimizes for</h2> <p>Below is a simple sketch of the key components of an exchange trading system. Legacy systems ran everything on centralized servers; the network carries market data, order routing and clearing.</p>