Exegy: market data, FPGA infrastructure and trading execution

Exegy sits inside the market-data and execution systems used by banks, brokers, investment firms and trading venues. Its origins in hardware acceleration still shape the business: field-programmable gate arrays, or FPGAs, perform selected processing tasks in hardware. The group also sells managed feeds and software, so buyers can adopt individual components without developing an FPGA application themselves.[1]

Nexus separates common market-data processing from each strategy server. Its shared-memory design and Layer 1 distribution can reduce duplicated work across a large trading installation. Management APIs expose configuration, resynchronization and snapshots; optional FPGA execution components extend the architecture toward order handling. That design is most relevant where several latency-sensitive strategies consume overlapping data.[3]

Metro adds a distinct options workflow. Traders can work with theoretical values and volatility surfaces, respond to exchange auctions or RFQs, and use target-finding and safety controls. Risk views include positions, Greeks and profit and loss, with volatility and time shocks. The platform also supports clearing-position reconciliation and drop-copy integration.[5]

The MarketsIO partnership announced on 10 September 2026 addresses enterprise distribution beyond the immediate trading server. Exegy supplies normalization and aggregation; MarketsIO supplies distribution, entitlements and integration technology. The announcement says the combined offering was immediately available and supports existing application interfaces across on-premises, colocation and cloud environments. For a migration, that division of responsibility matters because the feed-processing layer and the downstream distribution layer are separate components of the solution.[10]

FrontTrade can run as a standalone gateway serving multiple clients or applications and can scale across desks. Its integration with FrontPrice combines normalized data and order access; one control point can enforce risk rules, report order status and send normalized execution copies to middle-office systems.[7]

The public Master License Agreement, version 2.3 marked Rev 04/25, applies when a signed customer schedule incorporates it. The schedule sets pricing and prevails over conflicting master terms. Unless otherwise agreed, delivery occurs when software is available for download or a hosted service is available for connection. Late charges apply to amounts still unpaid 30 days after their due date, capped at 1.5% monthly or the legal maximum.[11]

A published Nexus business case illustrates the infrastructure argument, rather than a subscription price. In its June 2025 launch announcement, Exegy modeled an unnamed US equities broker reducing its server count from 32 to 22 by using Nexus, or to 17 when combined with SmartNICs. It estimated 36% operational savings and about US$1.4 million annually per site for the Nexus case, rising to nearly US$2 million with SmartNICs. These are vendor ROI estimates for that configuration; the announcement does not establish a general customer tariff or independently measured savings.[12]

nxFramework provides simulation models, test benches and automated firmware-generation workflows. Developers can write hardware logic in Verilog, SystemVerilog or VHDL, or use supported C/C++ high-level synthesis. The Inspector interface exposes core registers and operating values for live debugging. These are engineering tools: the customer still supplies the application logic and its validation criteria.[14]

Exegy publishes a narrowly scoped SuperFeed evaluation licence for an OpenMAMA demonstration application. It allows non-commercial testing for 30 days from installation, with extensions requiring written agreement. Production use, retransmission and third-party access are excluded; relevant data-provider approval is also required. The application must be uninstalled at expiry. This published route should therefore be read as the terms of that demonstration, rather than an automatic trial entitlement for Axiom, Nexus or every Exegy product.[15]

The public XCAPI reference cover identifies version 5.0, dated 11 July 2026. Product pages describe the interface choices, while detailed implementation should use the reference and compatibility information supplied for the customer’s installed release.[25]

Exegy advertises continuous support throughout the year, using teams in North America, Europe and Asia. Its public directory routes incidents by product family; customers should use the desk attached to their service.[16]

The leadership directory assigns managed-service operations, delivery and technical account management to the client-experience function. This gives the support structure an implementation and ongoing-account component as well as an incident desk. Public coverage hours alone do not specify contractual response or restoration times.[18]

Within the DMA service, brokers retain independent control of client trading risk. Tiered limits operate across trading firms, brokers and clearing firms; trader-level and firm-level kill switches cancel orders. These features support a broker’s access model, while its clearing, sponsorship and trading permissions remain specific to the arrangement.[4]

The public privacy notice is marked updated 11 August 2022. It discusses individual rights and business-contact information; it does not establish a universal retention or export period for a customer’s trading records. The separate PCAP service has its own published download window.[17]

Marlin Equity Partners lists Exegy as a current portfolio company in St. Louis, Missouri. Its portfolio entry identifies Vela, Enyx and NovaSparks as additions to the business. The acquisitions explain the mix of established software interfaces and FPGA products within today’s group.[22]

The current leadership page names David Taylor as CEO, Peter Feret as CFO/COO, Arnaud Derasse as CTO and Laurent de Barry as CPO. Those roles reflect a business combining financial operations, market infrastructure and specialist hardware engineering.[18]

Operator

Exegy Inc.

Service scope

Normalized market data, managed trading infrastructure, execution gateways and options trading software.

Customer types

Brokers; Banks; Asset managers; Proprietary trading firms; Trading venues

Delivery

Hosted; On premises; Hybrid; API

Pricing publication

Quote only

Headquarters

St. Louis, Missouri, United States

Platforms

Axiom; Exegy Nexus; Hosted Ticker Plant; DMA Platform; FrontTrade; Metro; nxFramework; DART

Integrations

XCAPI; OpenMAMA; FIX; C++ / C# / Java; TREP / RFA / UPA; MarketsIO

Pricing scope

Customer schedules determine charges; a public master licence describes payment and renewal terms.

Implementation

Managed feeds, dedicated colocated appliances or customer-developed FPGA applications, according to product.

Support

Product-specific desks; Exegy advertises support 24 hours a day, 365 days a year.

Permissions and regulatory scope

Technology and data supplier. DMA risk controls remain under broker control; market-data permissions require entitlement management.

Provider metadata checked 20 Oct 2026Source 1Source 19Source 13Source 2Source 3Source 4Source 7Source 5Source 14Source 8Source 9Source 10Source 11Source 16Source 22

The April 2026 nxAccess update adds session override: customer software can evaluate session performance and select the session used for an order. Hardware can then trigger, modify and transmit preloaded order templates. Exegy reported an execution-stack latency reduction of up to 71%, measured start-of-packet to start-of-packet on the switch. That measurement concerns the specified infrastructure path; it does not measure exchange matching or guarantee a better fill. The release also describes broader TCP, UDP multicast and raw-Ethernet connectivity.[24]

Signum provides an additional research input for algorithmic teams: its product description separates real-time indications of price movement and hidden liquidity from end-of-day Liquidity Lamp summaries. A firm can therefore evaluate the signal alongside its own strategy, rather than treating the infrastructure purchase itself as a complete trading strategy.[6]