Building the market data publisher

The last component in the electronic trading exchange we need to build is the market data publisher, which is how the exchange publishes public market data updates to any market participants that need it. Revisiting the design of the market data publisher, we present a diagram of how this component communicates with the matching engine and publishes to the market data participants over UDP, as follows.

Figure 7.2 – Market data publisher and its subcomponents

We would like to remind you that the purpose and design of the market data publisher were discussed in detail in the Designing Our Trading Ecosystem chapter, specifically in the Understanding the layout of the electronic trading ecosystem and Understanding how an exchange publishes information to participants sections. We would strongly encourage you to revisit those sections to follow along as we build our market data publisher component.

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