Is the Low-Latency Race a Zero Sum Game?
It was a seemingly normal Chicago summer day. The futures market was stable. Nothing seemed out of the ordinary. However, inside the LaSalle Street offices of Spot Trading, things weren’t going so smoothly. For one of the trades Spot runs, the proprietary trading firm acts as a liquidity provider in a futures complex. It’s a high-frequency trading (HFT) strategy. As such, latency is key.
It’s a scheme that generally makes “a small amount of money, pretty much every day,” says Daniel Penley
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