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<table width="100%" border="0" cellspacing="0" cellpadding="0" style="box-sizing:border-box;color:rgb(0,0,0);font-family:Verdana,Arial,Helvetica,sans-serif;font-size:medium;text-decoration-style:initial;text-decoration-color:initial"><tbody style="box-sizing:border-box"><tr style="box-sizing:border-box"><td style="box-sizing:border-box"><div id="gmail-story" style="box-sizing:border-box;width:618.667px;font-size:16px;height:auto;float:left"><h1 style="box-sizing:border-box;font-size:16pt">Use of shortwave radio by financial markets</h1><p style="box-sizing:border-box">Bloomberg reports that financial market traders are using a super-charged version of techniques dear to amateur radio operators worldwide<br style="box-sizing:border-box"><br style="box-sizing:border-box">On a 58-acre field that grew corn last year, two towers rising about 170 feet support a military-grade antenna shaped like a giant spider’s web. The array is pointed toward market centers in New York, London and Frankfurt. A third pole, topped with a single round microwave dish, is aimed at a data center 16 miles away that powers one of the world’s largest trading hubs: the futures exchanges run by CME Group Inc.<br style="box-sizing:border-box"><br style="box-sizing:border-box">But public records point to a probable explanation: Traders appear to be testing the idea of using shortwave technology to convey data between the CME facility and key exchanges around the globe -- a few millionths of a second faster than rivals. That can be the difference between winning and losing in high-frequency markets, where the ferocious battle for being first continues to escalate.<br style="box-sizing:border-box"><br style="box-sizing:border-box">The secret project in Maple Park, Illinois, was discovered -- appropriately enough -- by a ham-radio enthusiast,<span> </span><strong style="box-sizing:border-box">Bob Van Valzah KE9YQ</strong>. It remains shrouded in mystery. Even county officials and neighbors are unclear about its purpose.<br style="box-sizing:border-box"><br style="box-sizing:border-box">Read the full story at <span> </span><br style="box-sizing:border-box"><a href="https://www.bloomberg.com/news/articles/2018-06-18/hft-traders-dust-off-19th-century-tool-in-search-of-market-edge" target="_blank" style="box-sizing:border-box;color:rgb(0,51,102);text-decoration:none;word-wrap:break-word">https://www.bloomberg.com/news/articles/2018-06-18/hft-traders-dust-off-19th-century-tool-in-search-of-market-edge</a><br style="box-sizing:border-box"><br style="box-sizing:border-box">Low-latency shortwave link for trading?<span> </span><br style="box-sizing:border-box"><a href="http://www.southgatearc.org/news/2018/may/low-latency-shortwave-link-for-trading.htm" target="_blank" style="box-sizing:border-box;color:rgb(0,51,102);text-decoration:none;word-wrap:break-word">http://www.southgatearc.org/news/2018/may/low-latency-shortwave-link-for-trading.htm</a></p></div></td></tr></tbody></table>

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