Current High-Frequency Trading (HFT) platforms are typically implemented in software on computers with highperformance network adapters. The high and unpredictable latency of these systems has led the trading world to explore alternative "hybrid" architectures with hardware acceleration. In this paper, we survey existing solutions and describe how FPGAs are being used in electronic trading to approach the goal of zero latency. We present an FPGA IP library which implements networking, I/O, memory interfaces and financial protocol parsers. The library provides pre-built infrastructure which accelerates the development and verification of new financial applications. We have developed an example financial application using the IP library on a custom 1U FPGA appliance. The application sustains 10Gb/s Ethernet line rate with a fixed end-toend latency of 1µs -up to two orders of magnitude lower than comparable software implementations.

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