Two market data specialists are offering banks and trading firms an incremental escape route from ageing, vendor-locked data infrastructure.

Two capital markets tech firms combine to offer banks a lower-risk exit from legacy market data systems.

Exegy, a leading provider of market data, trading technology, and managed services for the capital markets, today announced a double victory at the annual IMD & IRD Awards hosted by WatersTechnology. Exegy was named Best Low-Latency Data or Technology Provider of the Year, while ExegyNexus™ received top honors for Best Real-Time Market Data Initiative. The IMD & IRD Awards recognize exceptional market, reference, and alternative data technologies. Panel judges evaluated nominated platforms on the efficiency, reliability, and delivery quality of ultra-low-latency market data across global financial institutions. “These awards validate the relentless work our teams put in across the full market data performance spectrum—from flexible software and managed services to ultra-low-latency FPGA technology,” said David Taylor, CEO of Exegy. “Our priority remains solving critical infrastructure and operational challenges for our clients, and these recognitions reinforce our commitment to raising the bar for how real-time market data is processed, managed, and delivered.” Following the strategic integration of Vela and Enyx, Exegy unified three specialized firms—combining Vela’s enterprise software expertise, Exegy’s managed services, and Enyx’s FPGA hardware innovation. Under one company, Exegy delivers a comprehensive suite of market data solutions ranging from normalized data feeds-as-a-service to purpose-built hardware infrastructure, supporting latency requirements from sub-millisecond down to sub-microsecond across more than 300 global feeds. A key result of this combined capability is ExegyNexus™, an FPGA-powered real-time market data platform delivering ultra-low-latency performance with unified access in a fully managed appliance. Developed alongside leading market makers, agency brokerages, and global banks, Nexus directly addresses core production bottlenecks including server rack constraints, rising energy costs, and duplicate system overhead. Through its specialized NexusNIC, Nexus makes high-throughput FPGA market data usable by standard applications without requiring custom software re-engineering. To learn more about ExegyNexus™ and Exegy’s award-winning market data solutions, visit exegy.com or schedule a consultation with an Exegy specialist.

Exegy research finds market participants are facing competitive constraints in the form of an infrastructure tax.

EuroCTP’s real-time multicast FIX SBE feed, the EU’s first real-time pre- and post-trade Consolidated Tape for shares and ETFs, will be available through the Exegy Ticker Plant (XTP) appliances and Axiom consolidated market data feed when EuroCTP goes live on September 14th. Building on its strategic technology partnership with EuroCTP that was initiated in 2024, Exegy now serves as a redistribution partner for the real-time EuroCTP feed that includes the European Best Bid and Offer (EBBO) computed by Exegy’s market data technology platform. The same underlying technology powers Exegy’s Ticker Plant and appliance and Axiom market data-as-a-service solutions, which provide access to real-time market data from more than 300 venues worldwide. Exegy’s platform delivers a unified way to consume normalized data in multiple trading environments, allowing clients to gain transparency and price discovery for global multi-asset strategies. The addition of the EuroCTP real-time market data feed, including the EBBO, adds consolidated trading activity from roughly 130 European trading venues and reporting platforms. Arnaud Derasse, CTO of Exegy, said: “Our mission is to help capital markets participants navigate the financial landscape with more efficiency and transparency. From enabling the technology layer of the EBBO with our FPGA-accelerated Ticker Plant, to giving immediate access to new data feeds to clients, we are continually focusing on what the market needs. Axiom enables firms to take full advantage of their trading strategies without requiring an internal rebuild to access the EuroCTP tape, helping reduce onboarding time, costs, and operational complexity.” The EuroCTP real-time multicast FIX SBE feed will be available on Axiom as soon as the tape goes live in September. Through Axiom, firms will be able to access the European consolidated tape with no additional operational overhead. This helps firm future proof their market access and gain streamlined access to accurate, timely European market data.

Exegy, a leading provider of market data, trading technology, and managed services for the capital markets, is proud to announce today that Exegy Nexus™, a purpose-built FPGA-powered market data platform, has been named this year’s ‘Best Trading Technology Stack’ at the TradingTech Insight Awards USA 2026.  Exegy Nexus combines ultra-low-latency performance with unified access and infrastructure in a fully managed appliance. Developed with input from leading market makers, agency brokers, and global banks, Nexus addresses challenges firms face today, including rising market data volumes, limited rack space in data centers, higher power usage, and the operational load of managing fragmented systems. By centralizing feed handling and market data processing in FPGA hardware before it reaches downstream applications, Nexus reduces infrastructure sprawl, lowers compute requirements, and simplifies operations while delivering deterministic performance at scale. “Trading firms are under real pressure to handle more market data at higher speeds, while keeping infrastructure, power usage and operational complexity under control,” said Laurent de Barry, Chief Technology Officer at Exegy. “Nexus was built to help firms address that challenge. By moving the most demanding processing into FPGA hardware, we can deliver the low latency, determinism and scalability clients need, while helping them simplify their architecture.” Delivered as a fully managed solution, Nexus is supported by Exegy’s global team of experts, providing 24×7 monitoring and operational support. This enables firms to scale performance without adding operational burden, while reducing infrastructure sprawl across mission-critical market data environments. The TradingTech Insight Awards USA recognize leading trading solutions and services across the capital markets. Winners are selected with input from industry participants, reflecting the technologies and providers helping firms improve performance, efficiency and resilience across the trading lifecycle.

Exegy, a leading provider of market data, trading technology, and managed services for the capital markets, today announced the expansion of Axiom, its high-performance, real-time consolidated market data feed. Axiom now includes coverage of key Middle Eastern exchanges, including.  Saudi Arabia (TASI), Qatar (QSE), Kuwait (KSE), Abu Dhabi (ADX), and Dubai (DFM) available via Exegy’s London Points of Presence (PoP) in both Equinix’s LD4 and Digital Realty’s LON2 data centers.   These additions further extend client’s access to global, low latency normalized market data via API delivery and Exegy’s existing Middle East and Africa regional coverage, including the Johannesburg Stock Exchange (JSE), Tel Aviv Stock Exchange (TASE), and Borsa Istanbul (ISE).  All exchanges are accessible through XCAPI or MAMA APIs.   “With the growing need to always access more asset classes and geographies, firms are relying more than ever on third parties to bring fragmented market data where they have their operations. The need for quality Middle East market data back to be available in London is a priority for our clients,” said Arnaud Derasse, CTO of Exegy. He continues, “The need for transparency in the way the data is being delivered, the quality of the technology stack and the latency of such market data is more important than ever as firms need to focus on execution and trading strategies, while relying on Exegy’s robust, low-latency market data as the bedrock of their trading platforms.”  Axiom delivers a scalable market data system designed to support the evolving needs of modern trading environments, combining performance with customizable deployment and 24/7 support. Key benefits include:  * Flexible connection: Direct connection from Exegy’s data centers via cross-connect to the client’s colocation or premises, or directly into public cloud platforms.  * Global, normalized coverage: providing access to 300+ global venues with consistent access to equities, indices, derivatives, and digital assets, with all data normalized across quotes, trades, orders, and trading conditions through a unified model  * Low-latency, high-performance market data delivery: supporting both Level 1 (top of book) and full-depth order books, Axiom is optimized for real-time trading and latency-sensitive strategies  * Transparency: Axiom computes the latency of market data daily—from the venue to our systems, within our processing systems, through distribution layers, and up to your application—to provide unprecedented visibility into market data performance  * Global support service: 24/7, “follow-the-sun” support from Exegy hubs worldwide.  As institutional firms ramp up activity across international and regional markets, the need for consistent, real-time modern market data access without managing infrastructure overhead is becoming more prevalent. To address this, Axiom’s market-data-as-a-service model enables firms to access low latency market data through flexible deployment, including cloud and fully managed services, to reduce infrastructure complexity and accelerate time to market without sacrificing performance. 

Exegy, a leading provider of market data, trading technology, and managed services for the capital markets, is proud to announce today that Exegy Nexus™, a purpose-built FPGA-powered market data platform, together with nxAccess, its FPGA-based trading engine, has been named ‘Most Innovative Solution for Front-Office/Trading’ at the 2026 A-Team Innovation Awards. Delivering ultra-low latency performance with unified access and operational efficiency, the combined solution brings market data processing and execution into a single FPGA-accelerated workflow. Nexus preprocesses and distributes market data based on application needs, while nxAccess enables firms to act on that data directly in hardware—triggering and modifying orders with deterministic performance. Together, they eliminate the need for fragmented feed handlers and execution systems, reducing infrastructure footprint while accelerating the path from data to decision to execution. “We are seeing market participants under increasing pressure to deliver high performance while reducing infrastructure complexity, power consumption and cost, “said Laurent de Barry, CPO of Exegy. He continues: “This recognition reflects the industry’s shift toward unified, hardware-accelerated architectures that eliminate disjointed systems and enable firms to operate efficiently at scale, without compromising latency.”  At the center of this innovation is Exegy Nexus™, a purpose-built platform designed to centralize and streamline front-office market data infrastructure. Developed with early adopters across market making, agency brokerage, and global banking, Nexus replaces fragmented, server-heavy feed handler environments with a single, fully managed FPGA appliance. By processing data before distribution, it reduces downstream data volumes, lowers compute requirements, and simplifies system architecture. In one US broker deployment, replacing in-process feed handling across 200 servers reduced infrastructure requirements to just 157 servers, lowered API load to 18%, and generated $3.19 million in annual savings.   Complementing Nexus, nxAccess extends this architecture into execution. Its hardware-accelerated algorithm environment allows firms to preload orders, respond to market events, and trigger or modify orders directly in FPGA, eliminating software latency and ensuring consistent, deterministic performance under all market conditions. The A-Team Innovation Awards are overseen by an esteemed Advisory Board and the A-Team editorial team, with finalists and winners selected based on direct input from financial institutions and industry practitioners.

EuroCTP, the European initiative delivering the EU’s first real-time pre- and post-trade Consolidated Tape for shares and ETFs, has selected Exegy, the global leader in high-performance market data and trading technology, as its core technology partner. Under this collaboration, Exegy’s ticker plant technology will power the data normalization and consolidation engine of the platform, contributing to a robust and resilient consolidated tape.   Following its official selection by the European Securities and Markets Authority (ESMA) in late 2025, EuroCTP is building a unified, real-time view of trading activity across more than 130 European trading venues and reporting platforms. The service, designed by EuroCTP, is targeted for a July 2026 launch and will provide the official European best bid and offer (EBBO) as well as comprehensive access to European trade data, ultimately enhancing transparency and price discovery for all market participants.  Exegy’s solution will act as the market data engine for EuroCTP’s downstream applications, integrating with its website, data lake, and real-time data distribution infrastructure. The high-capacity, FPGA-accelerated Ticker Plant is designed to consume pre-trade and post-trade data from trading venues and APAs, then compute the EBBO, ensuring the highest level of accuracy and speed for market participants.  “Exegy is honoured to provide the state-of-the-art foundation for this transformative project,” said David Taylor, CEO of Exegy. “Building an Equities consolidated tape across the fragmented European landscape requires proven experience in mission-critical roles and technology that provides the necessary level of capacity and reliable performance. By delivering purpose-built FPGA appliances and providing a comprehensive 24/7, ‘Follow the Sun’ managed service model, we are helping EuroCTP create a robust, efficient, and future-proof platform that supports the next generation of growth in European capital markets.”  “Selecting Exegy as a strategic technology partner was a critical milestone in our mission to foster transparency and equal access to market data,” said Eglantine Desautel, CEO of EuroCTP. “EuroCTP is committed to delivering a consolidated tape that serves retail and institutional investors alike. Exegy’s proven track record, building on its history of powering the Canadian Equities Consolidated Tape and supporting a large number of industry participants with high industry standards and operational resilience, is crucial to delivering on our promise of a more integrated EU Single Market.”   Building on a collaboration initiated in 2024, including the successful development of a prototype consolidated data feed featuring the novel EBBO computation, EuroCTP and Exegy are working closely together as European trading and trade publication venues are onboarded ahead of the go-live later this year. 

Exegy, a leading provider of market data, trading technology, and managed services for the capital markets, today announced a significant performance enhancement to nxAccess, its FPGA-based trading engine. The update introduces the Session Override feature and expanded connectivity options, delivering an impressive 71% reduction in execution-stack latency to help firms capture every market opportunity. As electronic trading infrastructure grows increasingly complex, the ability to choose the optimal path to local and remote venues is a significant driver of execution performance. The latest evolution of nxAccess addresses this by giving firms the agility to bypass traditional hardware constraints and pivot to the fastest available session or network link at the moment of execution. “In today's fragmented markets, the fastest route at market open isn't necessarily the fastest at midday. Relying on static configurations creates 'latency leakage' that firms can no longer afford. nxAccess bridges this gap by turning connectivity into a dynamic asset rather than a hardware bottleneck," said Olivier Cousin, Director of Product, FPGA Solutions at Exegy. “This reduction allows firms to maintain deterministic performance even during high-burst volatility, ensuring orders are filled at intended prices." The centerpiece of this release is Session Override, a built-in capability of nxAccess that allows firms to monitor session performance in real-time. Because local exchange latency can fluctuate throughout the day, Session Override enables an algorithm to select the best-performing session the instant a trigger occurs. Key benefits and enhancements of the new nxAccess release include: * ‌Dramatic Latency Improvement: Achieves up to a 71% reduction in execution-stack latency, measured from Start-Of-Packet (SOP) to Start-Of-Packet (SOP) on the switch, ensuring deterministic performance for the most demanding environments. * ‌Dynamic Session Optimization: The new Session Override feature allows firms to use their own software to measure session performance in real-time and automatically pivot to the fastest available path without the need for hardware re-coding. * ‌Expanded Connectivity for Premium Links: Beyond standard TCP, nxAccess now supports UDP-based multicast and raw Ethernet frame transmission “out of the box”, allowing firms to leverage ultra-low latency wireless and private links immediately. * ‌Accelerated Time-to-Production: As an off-the-shelf FPGA platform, nxAccess combines the raw speed of hardware with the flexibility of software, allowing firms to deploy these performance improvements without the long development cycles typical of custom FPGA builds. nxAccess is Exegy’s premier FPGA-based trading engine, designed to load order templates via software while using hardware-level logic to trigger, update, and transmit orders with nanosecond precision.

Exegy, the capital markets platform that links elite trading firms to the global venues where they transact, and Strands, the premier multi-asset execution and tokenization infrastructure provider, today announced the inclusion of real-time data from the Strands digital asset platform into the Exegy Axiom consolidated feed service. The partnership enables a new generation of multi-asset trading strategies that bridge traditional assets traded on regulated markets with digital assets and prediction markets traded in the emerging ecosystem of centralized and distributed venues. Leveraging decades of experience from proprietary trading of listed derivatives, Strands has built an institutional-grade platform for digital market access built on proprietary transactional gateways and Web3 rails. Integrating with the Exegy Axiom consolidated feed allows real-time pricing information from prediction and digital asset venues to be distributed alongside global equities, exchange-traded funds, commodities, and listed derivatives. In addition to powering new trading opportunities, the expanded Axiom service reduces the development and maintenance burdens faced by institutions as they evaluate and expand digital and tokenized assets data alongside traditional market data workflows. Comprehensive coverage beyond spot crypto "Strands was engineered to seamlessly merge traditional institutional finance and the digital asset ecosystem into one unified system," said Tim Gorham, CEO of Strands. "Exegy has created by far the most innovative and capable capital markets technology in existence today. They are trusted by every meaningful elite institutional player. Our partnership brings to market the most comprehensive prediction and digital asset data offering ever created." The partnership extends well beyond basic crypto spot data to include the full spectrum of trade, volume, and smart contract information across digital asset and prediction instruments, including but not limited to: * Prediction Markets: Event contracts with the highest volume and the most liquidity from venues such as Kalshi and Polymarket * Complete Spot Ecosystem: Major tokens at first and then a broad inclusion of Altcoins determined by volume * Derivatives: Dated futures, perpetual futures, and options * Rates: Real-time lending rate data and perpetual funding rates The partnership provides an unparalleled breadth of view by integrating both Centralized Exchanges (CEX) and Decentralized Finance (DeFi) venues. Initial launch coverage will include a first set of venues, with additional venues rolling out later in the year. Initial Launch Coverage * CEX: Coinbase, Binance, Bybit, and OKX * DeFi: HyperLiquid, Derive, Aster, Lighter, and Ethereal Expansion Roadmap * CEX: Kraken, KuCoin, Crypto.com, and more * Prediction Markets: Kalshi and Polymarket Lending: Aave, Morpho, and Fluid Built for mission-critical stability and performance Powered by Exegy’s purpose-built market data appliance technology, Axiom is a managed market data service that delivers institutional-grade reliability and consistent performance. Bundled market data access, vendor of record services, and continuous monitoring by a global team of experts reduce infrastructure and operating complexity and costs for clients. “Top-tier retail and institutional brokers, asset managers, and exchanges have chosen Axiom for its differentiated reliability and performance. Our partnership with Strands adds differentiated data for our institutional clients that are ready to explore or embrace a diverse range of prediction markets and digital assets,” said David Taylor, CEO of Exegy. Exegy and Strands will begin delivering the initial set of digital asset content via Axiom in May 2026. Representatives from both firms will be at FIA BOCA (March 8–11, 2026) to discuss the partnership and the future of unified financial market data.

Exegy, a leading provider of market data, trading technology, and managed services for the capital markets, today announces that it will uniquely offer the first-ever overnight consolidated feed, comprising of all three after hours Alternative Trading Systems (ATS). This will allow clients to easily perform best price discovery, filling a structural gap in overnight markets. Axiom will also offer market data access to these ATSs with connectivity currently in development and is expected to be delivered in Q1. The connection to Bruce ATS™, Blue Ocean ATS and MOON ATS will enable market participants to capture liquidity unavailable on traditional exchange feeds during after-hours markets. The Overnight Best Bid and Offer (OBBO) consolidated feed provided by Exegy, similar to a Securities Information Processor (SIP), will provide real-time information on the best price for a specific security instrument, eliminating the need for clients to calculate it themselves. Arnaud Derasse, CTO of Exegy, said: “As participants continue operating across time zones, we are seeing major interest towards extended or after-hours trading venues. The addition of these three ATSs, along with the Exegy live calculated OBBO, will enrich the consolidated market data our clients have access to via Axiom, providing them with a more complete market view with simplified overnight best price discovery.” As the market evolves from extended trading hours towards 24/5, the initiative to cover overnight ATSs ensures institutional investors’ infrastructure is equipped to take advantage of shifting liquidity in US equities. Exegy’s data-as-a-service solution, Axiom, currently offers connectivity to Blue Ocean ATS, by Blue Ocean Technologies. Bruce ATS™, which utilizes Nasdaq technology, and MOON ATS offered by OTC Markets will become available as Q1 progresses. “As trading moves toward a true 24/5 market, access to overnight liquidity is essential,” said Matt Fuchs, EVP, Market Data at OTC Markets Group. “With almost 15 years of building and operating ATSs, we’re thrilled to bring MOON ATS market data to Exegy’s Axiom, giving investors the tools to capture opportunities across US equities anytime, anywhere.” All three overnight venues will be available through Axiom via Exegy’s New York Point of Presence, with Top-of-Book (L1) or Depth-of-Book (L2) options. The OBBO service will be offered as a separate, standalone feed offering based on each of the three venues’ Top-of-Book feeds (L1). Expanding coverage to include overnight ATS venues in Exegy’s global market data offering is one of several ways Exegy continues to support its growth strategy and reinforce its commitment to proactively address market shifts and evolving client needs. Further expanding the offered coverage, in Q4 2025, Axiom integrated real-time, low-latency Canadian equity data via the TMX Information Processor (TMX IP), a TMX Datalinx product.

Exegy, a global leader in high-performance market data and trading technology, today announced it has acquired NovaSparks Inc. (NovaSparks), a provider of real-time market data normalization and distribution solutions, specializing in Field Programmable Gate Array (“FPGA”) enabled products. This strategic acquisition further strengthens Exegy’s ability to meet the most demanding speed and scale requirements of modern electronic trading platforms used by elite capital markets businesses. “We are thrilled to welcome the NovaSparks customers to Exegy. We have a strong track record of blending the strengths of talented teams and proven products to elevate the user experience and deliver greater value to our clients, and we are excited to continue this strategy with NovaSparks,” said David Taylor, CEO of Exegy, “Following our acquisitions of Vela Trading Systems and Enyx, the addition of NovaSparks is the latest milestone in our mission to be the leading capital markets technology provider, delivering nanosecond speeds, global scale, and broad market coverage.” NovaSparks clients immediately benefit from Exegy’s global scale and stability, as well as its managed services organization, which provides 24/7 follow-the-sun support and deployment management. This includes existing NovaSparks partnerships and integrations with third-party trading platforms. Luc Burgun, CEO of NovaSparks, added: “Joining forces with Exegy allows us to improve our innovation and customer support capabilities. Our clients will continue to receive the ultra-low latency performance they rely on, but now with the backing of Exegy’s global presence and services infrastructure.” Exegy is committed to maintaining existing NovaSparks products and investing to develop new solutions that combine the best performance and capabilities from both product and intellectual property portfolios.

Exegy, a leading provider of market data and trading technology for capital markets, today announced that a major investment bank has signed a multi-year agreement to deploy Exegy Nexus™, the company’s FPGA-powered market-data appliance designed for ultra-low-latency trading environments. The bank will use Exegy Nexus™ to process all direct and SIP feeds for U.S. equities for its market-making operations, delivering nanosecond-class performance with deterministic behavior under load. The Nexus 2U appliance will augment the firm’s existing estate of Exegy nxAccess FPGA trading platforms that provide sub-300 nanoseconds tick-to-trade latency. The expanded environment will leverage the Nexus appliance’s embedded Layer 1 switch to forward raw and normalized data directly to trading and execution systems with ultra-low latency, including FPGA-based network interface cards (NICs). “Firms across the industry are looking for ways to simplify the deployment of high-performance infrastructure without sacrificing latency,” said Laurent de Barry, Chief Product Officer at Exegy. “Nexus delivers a complete and compact FPGA-based platform that streamlines large-scale latency-critical applications today and lays the foundation for other business units to access the same high-speed data infrastructure in the future. In the long term, it’s about scaling performance across the enterprise, not just one trading desk.” Unlike conventional hardware solutions that can be difficult to deploy and scale, Exegy Nexus™ combines FPGA performance, intelligent software control, and embedded switching technology within a single system. This integrated design simplifies configuration, accelerates deployment, and enables efficient scaling while achieving optimal latency performance. Delivered as a fully managed solution, Nexus is backed by Exegy’s global team of experts that provide 24x7 monitoring and operational support, exchange-driven change management, proactive estate management, and access to ongoing performance optimization.  “By adopting Nexus, the bank joins a growing number of financial institutions modernizing their trading infrastructure with FPGA-powered, software-flexible solutions that efficiently scale without compromising speed,” said de Barry. “As a managed solution, Nexus allows us to actively support clients in day-to-day operations while extending its benefits far beyond market making. From institutional brokerage algos to smart order routers and even trading-venue matching engines, Nexus addresses common challenges facing firms across the industry. It represents the next generation of performance infrastructure for the entire electronic trading ecosystem.”

Exegy, a leading provider of market data, trading technology, and managed services for the capital markets, today announced the expansion of its Axiom market data platform to include real-time, low-latency Canadian equity data via the TMX Information Processor (TMX IP), a TMX Datalinx product. This enables global clients to access key Canadian feeds, including CBBO, CDF, and CLS, through their existing cross-connects to Exegy’s New York point of presence, eliminating the need for additional infrastructure. Axiom is Exegy’s market data-as-a-service solution, providing reliable access to real-time market data from more than 300 venues worldwide. The addition of Canadian equities support is driven by strong client demand and reflects Exegy’s ongoing investment in reducing cost and operational complexity for global trading firms. Arnaud Derasse, CTO of Exegy, said: “By integrating TMX IP into our Axiom platform, we’re removing the barriers to accessing Canadian equities market data. Our clients can now expand their coverage effortlessly, with zero technical lift. With a simple subscription, they can instantly tap into Canadian feeds using infrastructure they already rely on – making this a cost-effective and simple solution.” The TMX IP integration offers clients flexibility to tailor their subscriptions, with access to one, two, or all three of the following feeds: * CBBO – Canadian Best Bid and Offer * CDF – Consolidated Data Feed * CLS – Consolidated Last Sale This seamless access eliminates the need for separate, dedicated Canadian infrastructure or co-location – streamlining operations, reducing datacenter footprint, and accelerating time-to-market. This expansion follows the June 2025 launch of Exegy Nexus, the breakthrough FPGA-powered market data platform that delivers over 40% in cost savings. Together, Axiom and Nexus underscore Exegy’s commitment to bringing efficient, scalable, and future-ready technology to the world’s capital markets.

Exegy, a leading provider of market data and trading technology for the capital markets, today released Part II of its whitepaper series, The True Cost of Real-Time Market Data Infrastructure. The new report quantifies what it could potentially cost firms to build and maintain in-house FPGA-based market data feed handlers.  Key Findings: * Cost to build: Developing the first in-house FPGA feed handler costs firms approximately $5.35 million, with an additional $261,000 required per new venue. The complete North American Equities coverage (18 markets) would total close to $9.8 million dollars—over 5x more expensive than Exegy’s ultra-low latency FPGA feed handlers for the equivalent coverage ($1.8 million annually). * Maintenance: Supporting, optimizing, and managing FPGA feed handlers across 18 markets costs firms $4.59 million annually — more than 2x higher than Exegy’s ongoing managed service costs, including regular performance enhancements. * Time-to-market: Internal teams of four specialized FPGA engineers can spend over 3.5 years of engineering effort just to produce their first production-ready FPGA feed handler versus only 6 months with Exegy. Each additional venue adds 8–12 months of development and testing, extending total time-to-market for full North American coverage to 6.5 years — compared to ~20 months with Exegy. * Resource allocation: Firms that build internally divert high-value engineering resources away from differentiating trading strategies and long-term growth initiatives. “These findings quantify what we’ve seen in the field for years,” said Laurent de Barry, Chief Product Officer at Exegy. “Firms that build FPGA infrastructure in-house often underestimate the true cost — not just in dollars, but in time, maintenance, and lost opportunity. Nexus embodies the alternative: a managed, FPGA-accelerated platform that delivers determinism and scalability without the overhead of building and maintaining it all yourself.” The whitepaper’s findings come to life in Exegy Nexus, the company’s latest FPGA-enabled market data and trading platform. Nexus combines centralized processing with hardware acceleration to deliver ultra-low latency performance, 36% lower operational costs, and a significantly smaller server footprint.  By offloading critical market data processing to FPGAs within a compact 2U appliance and shifting additional data enhancements like book aggregation and filtering to a separate FPGA SmartNIC directly in the client server, firms gain the performance and scalability modelled in the research without the cost, time, or maintenance burden of developing in-house. Additionally, for firms looking to trigger orders at sub-300ns latency or to run custom pricing algorithm, Nexus leverages Exegy FPGA development framework to allow the deployment of user logic directly within the FPGA of the Nexus NIC. Part II is available now for download. Part I, which focuses on software feed handlers, was released earlier this year and is also available on Exegy’s website. Together, the two reports quantify the real-world trade-offs between building and buying market data infrastructure — providing firms with a data-driven framework for smarter technology investment decisions.

Exegy, a leading provider of market data, trading technology and managed services for the capital markets, today announced the launch of Nexus, a breakthrough market data platform that eliminates the long-standing trade-offs between performance, scale, and cost. Built to meet the demands of today’s high-volume, high-volatility trading environments, Nexus replaces fragmented, server-heavy feed handler deployments with efficient FPGA-based appliances and network interface cards. Nexus delivers consistent low-single-digit microsecond performance, consumes a single CPU core on client servers, and reduces datacenter footprint by more than 40%. “Sustained volatility and high volumes present attractive trading opportunities to savvy firms with the strategies and moxie to capture them. Nexus offers them a transformative tool to conquer the unattractive compromises that they would otherwise have to make when building their trading platform,” said David Taylor, CEO at Exegy. “With Nexus, we leveraged our proven FPGA expertise to fundamentally reimagine market data processing along the full data path from raw tick to executed trade.” Key Features and Benefits of Nexus: * Consistent Speed: Market data is delivered to software applications in ~2 microseconds, enabling trading strategies to react in under 3 microseconds with extremely low jitter * Future-proof Capacity: Market data is processed at line rate during a single hop through an FPGA while integrated Level 1 switching enables seamless scaling of appliances * Extreme Efficiency: Client servers allocate a single CPU core to consume normalized market data from an appliance that processes all feeds in a datacenter * Dramatic Cost Savings: Over 40% reductions in operating costs are achievable with lower datacenter footprint * Comprehensive Managed Services: FPGA-based appliances are fully managed, monitored, and updated by a global team of experts * Tick-to-Trade Integration: Seamless integration with FPGA tick-to-trade platform enables ultra-low latency strategies to respond to aggregated market data from multiple markets in under 350 nanoseconds In a return on investment analysis with a U.S. equities broker, Nexus delivered up to 41% in infrastructure savings. Replacing traditional, software-based deployments with a managed FPGA-based Nexus appliance reduced server count from 32 to 22, cutting operational costs by 36%, saving an estimated $1.4 million annually per site. When paired with Nexus SmartNICs to offload the API layer, server count dropped to 17, delivering close to $2 million in annual savings, improved determinism, eliminated jitter, and reduced overall system complexity. Beyond market data normalization and distribution, Nexus integrates seamlessly into the broader trading stack, supporting both application-level consumption and execution workflows. It is fully compatible with Exegy’s tick-to-trade and execution solutions, SREX and nxAccess, enabling firms to build cohesive, high-performance trading infrastructures. For market makers and Smart Order Routers, Nexus also simplifies the deployment of large-scale FPGA environments. The platform delivers raw and normalized market data directly to FPGAs, enabling ultra-fast order routing to co-located exchanges or signal transmission to remote data centers over wireless networks. Initial deployments focus on equities and futures, with support for additional asset classes and features—such as fast-cancel or sweeping logic for agency brokers—planned for future releases. Nexus is the result of an innovative effort to rethink how market data infrastructure should work in today’s trading environment. Through extensive engagement with agency brokers, hedge funds, and market makers across the buy- and sell-side, Exegy validated core challenges—then pushed beyond them. The result is a platform shaped by industry insight but driven by Exegy’s vision for scalable, next-generation market data delivery and proven expertise in harnessing FPGA technology to solve the most challenging performance problems in capital markets. “Most firms still rely on disconnected systems to manage different market data workflows,” said Laurent de Barry, VP, Ultra-Low Latency Trading Products at Exegy. “This leads to unnecessary complexity, duplicated costs, and limited scalability. Instead of relying on traditional, server-heavy deployments, Nexus consolidates data infrastructure needs into a single, efficient, FPGA-powered platform that supports global market visibility. This gives a centralized, scalable delivery of market data with fewer servers, less power consumption and lower costs.” Nexus is now available for order, with production delivery scheduled for early Q4 2025. Early adopter clients have access to an integration environment that enables application development and testing with the production API. The appliance is delivered as a fully managed service, including deployment, monitoring, and support. 

* BMLL historical options data to complement Exegy’s real-time OPRA data * Collaboration cements existing partnership and paves road for continuing integration, providing excellent data and services for global market participants BMLL Technologies (BMLL), the leading, independent provider of harmonised, Level 3, 2 and 1 historical data and analytics to the world’s financial markets, and Exegy, the only firm delivering comprehensive, front-office solutions for market data and trading across the latency spectrum, today announced that it has expanded its partnership for historical OPRA options data.  In a move designed to enhance OPRA options trading, Exegy and BMLL Technologies have deepened their partnership, delivering a unified data stream that seamlessly bridges real-time and historical market data. This collaboration is the logical next step in Exegy’s existing partnership with BMLL, which started in Q3 2023 after the release of its latest ticker plant platform.   The initial partnership with BMLL provided a competitive advantage to quantitative traders by enabling them to take granular, historical data from a best-of-breed provider to fine-tune algos and use the data in Exegy’s back-testing and simulation solutions to accelerate alpha discovery and deploy strategies with improved speed and accuracy. BMLL has recently added US Equity Options data to its historical offering, utilizing Exegy’s Axiom as its trusted, real-time data source for one of the industry’s largest and most complex datasets. Processing OPRA data presents significant data engineering hurdles, requiring substantial resources and delaying time-to-market for critical trading strategies. This partnership directly addresses these challenges.   Further, BMLL’s new OPRA options data offering leverages Exegy’s conflation algorithm to enable clients of both firms to consume consistent, high quality, conflated real-time and historical data.  The matching conflation algorithms dramatically reduce the engineering steps required for users to go to production by providing data alignment between both services.    Exegy and BMLL plan to continue expanding their mutual support in 2025 by integrating the BMLL Data Feed into the Exegy XCAPI API.  Mutual clients will be able to seamlessly transition between historical data research to real-time production systems without complex data mapping and translation processes, notably improving the speed, scale and accuracy of their work.  Paul Humphrey, CEO of BMLL, said: “In November 2024 we announced the availability of six years of historical, nanosecond unconflated OPRA options data in a cloud-based environment via BMLL Data Lab and BMLL Data Feed through Amazon’s AWS S3. In addition, BMLL can also conflate OPRA data at speeds required by our customers and partners, mapping our data to the format of Exegy’s real-time data. This means that if clients are backtesting historical data and find alpha, they can quickly and efficiently replicate that format in the real-time world. We are very excited to join forces and match Exegy's real-time expertise with BMLL's historical capabilities. Jointly we are offering a unique transformational product to market participants, helping them understand liquidity dynamics and make better-informed trading decisions at speed and scale.”  David Taylor, Chief Executive Officer, Exegy: “We are excited to strengthen our partnership with BMLL Technologies, enhancing the value we bring to our clients. BMLL’s use of our trusted real-time OPRA data in its historical dataset underscores the quality and reliability of our solutions. We look forward to continuing our collaboration, empowering clients with robust tools for comprehensive research, backtesting, and more informed trading strategies.” OPRA aggregates and disseminates pricing information for listed Options contracts in the U.S., including quotes, last sale prices, and volume data. OPRA participants include BOX, Cboe BZX Options, Cboe C2 Options, Cboe EDGX Options, Cboe Options Exchange, Miami International Securities Exchange, MIAX Emerald, MIAX PEARL, Nasdaq BX, Nasdaq GEMX, Nasdaq ISE, Nasdaq MRX, Nasdaq PHLX, The Nasdaq Stock Market, NYSE American and NYSE Arca.

Exegy, a leading provider of market data and trading technology for the capital markets, is pleased to announce that its CEO, David Taylor, has been recognized as Chief Executive of the Year in this year’s FOW International Awards. The FOW International…

Exegy, the leading provider of market data and trading technology for capital markets across the latency spectrum, is pleased to announce the hiring of Jim Fiesel as its new Chief Revenue Officer (CRO). Fiesel joins Exegy from his role as Managing…