FPGAs and low latency trading - Williston Hayes - Optiver - FPL2020

Williston Hayes from Optiver discusses the use of FPGAs (Field-Programmable Gate Arrays) in low latency trading. He explains how electronic trading has evolved from physical trading pits to data centers where communication occurs via Ethernet packets. He highlights the importance of low latency in trading, where the speed of order processing can determine the success of a trade. He details the limitations of software-based trading systems and how FPGAs can help by minimizing latency. He also describes the architecture of an FPGA-based trading system, including market data handling, trading logic, order formatting, and TCP stack. Finally, he touches on Optiver's unique approach to FPGA design, emphasizing pipelining, time enclosure, the use of best devices, and custom-designed IP.