SiliconBharat

An FPGA-based solution for ultra-low latency trading in NSE

markets, accessible through two user-friendly C++ APIs:

hello@mbochip.com
 SiliconBharat - 2022

Market Data API

Decodes MTBT protocol for all four segments: capital market, futures and options, currency derivatives

and commodities derivatives.

Order book building in FPGA, supporting up to 256 symbols per card.

Delivers MBP book from MBO book, with a configurable number of price levels.

Filtering in FPGA can be enabled for delivering only updates on top price levels.

Generates pre-matched MBP book in FPGA from aggressor order (cross orders scenarios).

Tick-to-Trade API

Provides a complete framework for triggers in FPGA for NSE compatible with MTBT and trimmed NNF

protocols. The triggers are configured through a C++ API, so it doesn't require the user to have RTL nor

HLS skills. With this approach, we are able to deliver an easy to use and highly optimized

implementation. Triggers are tested by our specialized team to guarantee the proper working.

Triggers can use input signals from market data or order entry messages, book or even more complex

calculations (e.g: midprice variation, EMA, index price calculation from underlyings' books)

Triggers API is integrated with order routing API, allowing the user to send orders in the same session

from both triggers or software.

Predefined triggers already developed. Other custom triggers can be developed on demand:

> Order mass cancel – sends mass cancel when detects price variation over a threshold

> Hedge orders – sends new order when specific order id is partially or fully executed

> Book midprice variation – sends new order when midprice changes

> Partially filled aggressor – sends order when aggressor order is partially filled, leaving quantity in book

Packets are assembled in FPGA (including sequence numbers, timestamps and checksums) allowing

the trigger to fire messages in any condition. There is no need to invalidate preloaded packets after

one message is sent. This approach also allows the trigger to change message fields based on

incoming event information (e.g.: send message with price based on new top of book)

Supports chains of messages for multi-leg strategies. In a single event, the FPGA sends a burst of

preloaded messages (for the same or different sessions) in predefined order

Supports 32 sessions per card

Accurate timestamping for all messages

Risk control in FPGA: Credit system, order size limit, accumulated quantity limit