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While the low-latency arms race was in full swing, investment by trading firms in datafeeds shifted from consolidated feeds to low-latency infrastructures. Then, during the financial crisis, budget constraints forced firms to scrutinize the costs of low latency, while the need to gain exposure to higher returns in sometimes faraway market centers created infrastructure and management challenges to sourcing via direct feeds.

Now, as traders seek to grow returns while balancing costs, latency and