Direct Feed Handling

Vela’s SMDS market data solution is a software-based feed handler that can be used in process or deployed as a stand-alone application. The solution is developed and built entirely in house with no third-party dependencies. SMDS features fast processing of market data events and can be configured to stream data to multiple applications in an enterprise setting. Cutting-edge design and engineering, supported by decades of experience, give SMDS users a truly competitive edge.

SMDS offers feed handlers for exchanges and other trading venues providing access to data from the world's most important trading destinations.

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  • Client Challenges
  • Solution Benefits
  • Technology Features
  • Coverage
Client Challenges

Clients today are faced with a range of commercial and technological challenges when implementing market data feed handlers.


Receiving market data ahead of the competition is key to having a successful strategy for electronic trading — every microsecond counts.

Total Cost of Ownership

The activities required to build and maintain feed handlers are extremely expensive. When it comes to ‘build vs buy’, spending effort building feed handlers consumes resources that could otherwise be focused on innovation and strategy development.

Time to Market

Time to market is always a critical factor when your traders request access to new data sources, and writing feed handlers is always a complex moving target, even with the proper skill sets and experience. 


Quality assurance and an ever vigilant support team are extremely important for avoiding outages. Support is a complex and never-ending challenge.

EDC Management

Exchanges frequently and without warning change their market data feed protocols, which can result in anything from a minor change to a complete rewrite of feed handler code.

Solution Benefits

Customers benefit from an industry-leading latency profile while simultaneously reducing their market data costs.

Low Latency

The SMDS in-process solution delivers normalized data with sub micro-second latencies per event and supports kernel bypass technology. The in-process solution can deliver messages with latencies between 5 to 8 microseconds per message from the time of ingress of the packet at the NIC.

Global Reach

SMDS offers access to over 130 feed handlers supporting all major asset classes including Equities, Equity Derivatives, Fixed Income, Fixed Income Derivatives, Foreign Exchange and Commodities. 

Total Cost of Ownership

Clients leveraging Vela's cost effective and highly commoditized SMDS solution see significant cost reductions, and free up internal resources to focus on the core business.

Time to Market

An SMDS feed handler has a rapid time to market utilizing agile, on-site software development, installation and integration.

The Vela Professional Services team can assist with the deployment of custom implementations where required.


Vela prides itself on continually setting high standards for product and technical support; we operate a follow-the-sun support model with hubs in New York, Belfast, Manila and Pune, which ensures subject matter experts are always available.

Clients have the option to outsource maintenance and management of their feed handlers to the Vela Managed Services team.

EDC Management

Clients receive regular information about Exchange Drive Changes (EDCs). Vela's EDC Management team evaluates each change and software updates are released for any required changes.

Our track record on managing EDCs is head and shoulders above any other vendor in the marketplace today.

Distribution Modes

SMDS supports four distribution modes for market data:

  • Installed in-process it is integrated with one client application.


SMDS Can also be configured to stream data to multiple applications in one of 3 modes:

  • Shared memory can be used to serialize/deserialize the data.
  • Multicast or TCP can be used to connect client applicatons that reside on seperate machines.
  • SMDS can be configured to connect to MAMA installations.
Technology Features
  • Operates on Commodity Hardware on Linux and Windows
  • Provides a Unified API across all exchanges and distribution modes
  • Client side APIs are available in C++, C# and Java
  • Offers full support for kernel bypass technology such as Solarflare OpenOnload / EFVI
  • Provides a mechanism to capture live market data in pcap files with nanosecond precision
  • Can be used to complete regression testing
  • Supports Local and Wide Area Distribution
  • Market Data Composite Book (MDCB) component handles the challenges of maintaining consistent depth of book across multiple exchanges by price level and venue.

Vela provides comprehensive coverage of more than 200 direct feed handlers for the Americas, EMEA, and APAC, supporting all major asset classes including Equities, Derivatives, Fixed Income, Foreign Exchange, and Commodities. We are constantly adding to our market data coverage.

Contact your sales or account manager for your specific exchange or data feed requirements.

What is it?

SMDS is a software based market data solution which normalizes market data from over 130 markets globally through a single API.

Who is it for?

All financial services firms who require accurate, normalized market data into their applications with industry-leading latency and low hardware footprint.

What does it provide?

Low latency, normalized market data through a unified API. SMDS can be setup to run in-process or in distribution mode. Both modes use the same unified API.

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