Exegy and FMADIO Launch FPGA-Grade Raw Market Data Capture Service

Exegy has partnered with FMADIO to launch a new End-of-Day packet capture service, providing capital markets firms with hardware-timestamped raw market data via its Axiom consolidated feed. This integration allows fintech professionals to perform precise latency benchmarking and best-execution analysis while offloading the significant operational burden of maintaining complex, high-performance data capture architecture.

What was announced

The new End-of-Day packet capture (PCAP) service is designed to provide raw market data capture with high-precision timestamps across all Axiom consolidated feed Points of Presence. By utilizing FMADIO’s 40G and 100G appliances, the service employs FPGA-enabled capture to eliminate data loss and jitter typically associated with software-based solutions during peak volume bursts. This hardware-centric approach ensures that firms can capture data accurately even during periods of extreme market volatility.

The infrastructure integrates hardware timestamping at the point of capture through Arista switches, ensuring the level of precision required for rigorous latency benchmarking and regulatory best-execution analysis. To ensure reliability, Exegy captures both A and B data services, performing quality checks to validate that the resulting files are gapless. This redundancy is critical for firms that rely on complete datasets for back-testing and compliance reporting.

Connectivity is managed by Waypoint Trading Solutions, utilizing modern low-latency exchange connections. For ease of access and download automation, the service delivers data through Amazon Web Services (AWS) S3 buckets, allowing clients to retrieve daily PCAP files at the end of each trading day. These files are retained for a period of 14 days. The service is aimed at electronic trading firms that require the accuracy of on-site hardware capture without the associated costs of building and managing the underlying architecture themselves.

"We decided to leverage our Axiom real-time market data infrastructure to provide a service most of our clients are craving. While PCAP services are often seen as a commodity offering, finding good, raw market data packet captures without gaps, that have precise timestamps with modern delivery mechanisms, isn’t that straightforward. We have listened to our clients who are looking for a ’simple but really well done’ service to complement their use of real-time data and technology from Exegy."

Arnaud Derasse, CTO of Exegy.

The companies involved

Exegy is a prominent provider of high-performance market data and trading infrastructure solutions for capital markets firms. The company specializes in low-latency data processing and hardware-accelerated appliances, positioning itself as a critical layer for firms requiring rapid access to global market feeds. Its product suite includes the Axiom consolidated feed, which serves as the foundation for this new packet capture partnership. Exegy has built a reputation for handling the massive data volumes generated by modern exchanges through specialized hardware and software stacks.

FMADIO is a specialist in high-speed network packet capture systems. The firm focuses on delivering lossless capture technology, particularly for environments where data integrity and precise timing are non-negotiable. By providing 40G and 100G appliances, FMADIO enables financial institutions to monitor and record network traffic at the speeds required by modern electronic trading. The collaboration brings together FMADIO’s hardware expertise with Exegy’s deep experience in market data delivery. Together, they aim to provide a standardized, reliable source of historical market data that mirrors the high-performance technology typically deployed on-premise by the world's most sophisticated trading desks.

What FF News has reported before

Exegy has consistently expanded its footprint in the market data and infrastructure space. FF News previously reported on the company's efforts to modernize enterprise systems, such as when Exegy and MarketsIO Partner to De-Risk Enterprise Market Data Infrastructure Migration. The firm's technology has also gained industry recognition, with Exegy Nexus Named Best Trading Technology Stack at TradingTech Insight Awards USA 2026. Additionally, Exegy has focused on niche data needs, as seen when Exegy Announces First-ever Overnight BBO Feed for After-hours Trading Venues and when Exegy Supports BMLL’s Recent Addition Of Historical US OPRA Options Data.

What this means

This move signals a shift in how high-performance market data is consumed, moving away from the "build-it-yourself" model toward managed services that do not sacrifice precision. By offering FPGA-grade capture as a service, Exegy is putting pressure on traditional data vendors who provide software-based or lower-fidelity historical data. The industry is increasingly demanding "gapless" assurance and hardware-level timestamping for regulatory compliance and alpha generation. This partnership addresses a specific pain point: the high cost of entry for sophisticated network monitoring. It raises the bar for what constitutes a "standard" consolidated feed, forcing competitors to justify why their data lacks similar hardware-backed verification.