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.
