Financial exchanges are migrating to the cloud, but the best-effort nature of the public cloud is at odds with the stringent latency requirements of exchanges. We present Jasper, a system for meeting the networking requirements of financial exchanges on the public cloud. Jasper uses an overlay tree to scalably multicast market data from an exchange to ~1000 participants with low latency (250 microseconds) and a 1-microsecond difference in data reception time between any two participants. Jasper reuses the same tree for scalable inbound communication (participants to exchange), augmenting it with order pacing and a new priority queue, Limit Order Queue (LOQ), to efficiently handle bursts of market orders. Jasper achieves better scalability and 50% lower latency than the AWS multicast service. During bursty market activity, LOQ nearly doubles the order processing rate.

翻译：金融交易系统正逐步向云端迁移，但公有云尽力而为的服务特性与交易系统严格的延迟要求存在矛盾。本文提出Jasper系统，旨在满足金融交易系统在公有云环境下的网络需求。Jasper采用覆盖树结构，可扩展地将市场数据从交易系统组播至约1000名参与者，实现低延迟（250微秒）且任意两名参与者间的数据接收时间差仅为1微秒。该系统复用同一树状结构实现可扩展的入向通信（参与者至交易系统），并通过订单流量调控及新型优先级队列——限价订单队列（LOQ）进行功能增强，从而高效处理市场订单的突发流量。相较于AWS组播服务，Jasper实现了更优的可扩展性及降低50%的延迟。在市场突发活动期间，LOQ使订单处理速率提升近一倍。