This paper proposes a hybrid sorted table design
for minimizing electronic trading latency, with three main
contributions. First, a hierarchical sorted table with two
levels, a fast cache table in reconfigurable hardware storing
megabytes of data items and a master table in software storing
gigabytes of data items. Second, a full set of operations,
including insertion, deletion, selection and sorting, for the
hybrid table with latency in a few cycles. Third, an on-
demand synchronization scheme between the cache table and
the master table. An implementation has been developed that
targets an FPGA-based network card in the environment of the
China Financial Futures Exchange (CFFEX) which sustains 1-
10Gb/s bandwidth with latency of 400 to 700 nanoseconds,
providing an 80- to 125-fold latency reduction compared to a
fully optimized CPU-based solution, and a 2.2-fold reduction
over an existing FPGA-based solution.