Financial exchanges have recently shown an interest in migrating to the public cloud for scalability, elasticity, and cost savings. However, financial exchanges often have strict network requirements that can be difficult to meet on the cloud. Notably, market participants (MPs) trade based on market data about different activities in the market. Exchanges often use switch multicast to disseminate market data to MPs. However, if one MP receives market data earlier than another, that MP would have an unfair advantage. To prevent this, financial exchanges often equalize exchange-to-MP cable lengths to provide near-simultaneous reception of market data at MPs. As a cloud tenant, however, building a fair multicast service is challenging because of the lack of switch support for multicast, high latency variance, and the lack of native mechanisms for simultaneous data delivery in the cloud. Jasper introduces a solution that creates an overlay multicast tree within a cloud region that minimizes latency and latency variations through hedging, leverages recent advancements in clock synchronization to achieve simultaneous delivery, and addresses various sources of latency through an optimized DPDK/eBPF implementation -- while scaling to a thousand receivers. Jasper outperforms a prior system, CloudEx, and a commercial multicast solution provided by Amazon Web Services. We present different deployment models and their performance impact. A deployment model where MPs and the exchange do not have to trust each other is realized using confidential computing.
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