Do all HFT systems use FPGA for achieveing low latency?

Nope, not all HFT systems use FPGAs – but FPGAs are a very popular tool in the ultra-low-latency end of the spectrum. Let’s break it down in a reality-based way. 1. Who actually uses FPGAs in HFT? Rough picture: Top-tier “race to zero” shops (sub-m...