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</o:shapelayout></xml><![endif]--></head><body lang=EN-GB link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;color:#1F497D;mso-fareast-language:EN-US'>They do just that Alan – move closer to the exchange, that is.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;color:#1F497D;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;color:#1F497D;mso-fareast-language:EN-US'>Colocation (aka “proximity hosting”) is used by all the biggest high-speed traders and exchanges. The exchanges charge hefty fees to traders to host their servers in the same buildings and on the same backbones as the exchanges own servers, or authorize service providers to locate close by and rent out space.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;color:#1F497D;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;color:#1F497D;mso-fareast-language:EN-US'>It’s got to such a ridiculous state that some exchanges even have to specify a standard connecting cable length for the traders’ servers so that one a few feet further away from the connector can’t claim to have been disadvantaged by a few nanoseconds!<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;color:#1F497D;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;color:#1F497D;mso-fareast-language:EN-US'>It’s a veritable arms race to the bottom, but at least there are no bullets flying.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;color:#1F497D;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;color:#1F497D;mso-fareast-language:EN-US'>Alex<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;color:#1F497D;mso-fareast-language:EN-US'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0cm 0cm 0cm'><p class=MsoNormal><b><span lang=EN-US style='font-size:11.0pt'>From:</span></b><span lang=EN-US style='font-size:11.0pt'> cma-l-bounces@mailman.commedia.org.uk [mailto:cma-l-bounces@mailman.commedia.org.uk] <b>On Behalf Of </b>Alan Coote<br><b>Sent:</b> 22 March 2016 16:55<br><b>To:</b> cma-l@mailman.commedia.org.uk<br><b>Subject:</b> Re: [cma-l] ever Community Radio Mast?<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><div><div><div><p class=MsoNormal><span style='font-size:10.5pt;color:black'>I sat through a very interesting presentation given by a guy responsibly for implementing aspects of the high frequency trading system. I don’t remember much, but was impressed the lengths they went to in shaving off a few milliseconds wherever possible.<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.5pt;color:black'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.5pt;color:black'>I also remember thinking wouldn’t it be easier to move their hardware nearer the stock exchange’s system.<o:p></o:p></span></p></div></div></div><div><p class=MsoNormal><span style='font-size:10.5pt;color:black'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.5pt;color:black'>Ian,<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.5pt;color:black'>The data never needs to be converted to the analogue domain and any protocol conversion is done in firmware and dedicated hardware.<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.5pt;color:black'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.5pt;color:black'>Alan<o:p></o:p></span></p></div></div>
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