System Design

Low-Latency Stock Trading Matching Engine

System Design diagram · made in Skemio

Low-latency matching engine architecture showing trading clients, kernel bypass gateway, sequencer ring buffer, in-memory matching core, and multicast feeds.
Low-latency matching engine architecture showing trading clients, kernel bypass gateway, sequencer ring buffer, in-memory matching core, and multicast feeds.
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What it shows

  • In-memory order book: Maintain bid-ask depth with price trees and FIFO queues.
  • Deterministic single thread: Avoid lock contention and keep order sequence fixed.
  • Disruptor ring buffers: Pass inter-thread events without heap memory allocation.

The takeaway

Microsecond exchange engines eliminate mutexes by running deterministic FIFO matching on pinned CPU cores.

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