Perseus goes live with wireless connections between financial markets in the London metro


 

Perseus goes live with wireless connections between financial markets in the London metro

–       First high-speed wireless network connects financial markets from Slough to Basildon in the UK

      New wireless microwave technology providing a 40% reduction in latency

 

 LONDON – 02 DECEMBER 2013Perseus Telecom, a leading provider of high-speed global connectivity, High Precision Time™ and market-to-market networks today announced a new wireless service that connects the London based financial markets of NYSE Euronext, BATS Chi-X, London Stock Exchange, London Metal Exchange, iCap EBS and Thomson Reuters.

 

In October 2012, Perseus was first to offer a commercial wireless service between the markets of London and Frankfurt, while also being a leading operator of a fast fibre route. The wireless technology enabled network from London to Frankfurt measures in at 4.6ms RTD whereas the fastest fibre route comes in at 8.3ms RTD.  This new offering met a high demand among industry participants who purchased all of the initial capacity within a month of the service going live.

 

The Perseus London metro wireless network gives customers the ability to connect across the London metro as well as with the wireless network to Frankfurt. This innovation gives financial institutions a higher level of precision when using time-sensitive trading applications that go from market-to-market, sometimes hundreds of miles apart.

 

The Perseus London metro wireless service is available from the data centres of: London Stock Exchange and Thomson Reuters LHC, in the City of London; Equinix LD4 in Slough and the NYSE Euronext data centre in Basildon.

 

The use of microwave technology was chosen for building the Perseus London metro wireless network as it better performs in weather conditions particular to London. This service offers a high 99% availability with customers further assured of availability through a Perseus fibre solution running in tandem and thus extending total network availability to 100%.

 

Elaborating on today’s ground breaking announcement, Dr. Jock Percy, CEO of Perseus Telecom said, “Connecting the London exchanges wirelessly is a significant milestone for the industry and the market. We are also very excited to bring this network together with our microwave connections to Frankfurt currently the fastest as well as with QuanTA™ our fastest trans-Atlantic product.” Percy concludes, “Global multi-asset trading customers can now benefit from having the fastest market-to-market connections between Frankfurt, London, New York and Chicago.”

 

# # #

 

 

About Perseus Telecom

 

Perseus Telecom is an award winning global facilities based licensed carrier of enterprise and telecommunications services with a focus on ultra-low latency global connectivity. Perseus provides many of the world’s fastest market-to-market routes between Chicago, New York, London, Frankfurt, Brazil and Mexico. The company was recently awarded for the fastest trans-Atlantic route between New York and London (QuanTA™) and Brazil and USA (LiquidPath®). Perseus has also been operating the fastest routes between London and Frankfurt over its wireless microwave service since October 2012.

 

For more information about Perseus, please visit www.perseustelecom.com or contact us at +1 (212) 300-6813 or sales@perseustelecom.com

 

 

PRESS CONTACT:

Dan Watkins

+1 (347) 394-3068

marketing@perseustelecom.com

Anova Technologies founder and CEO discusses wireless connectivity in the new book “Architects of Electronic Trading”


Anova Technologies founder and CEO discusses wireless connectivity in the new book “Architects of Electronic Trading”

Microwaves in Trading: Conquering Resistance

July 18, 2013 10:33 AM Eastern Daylight Time
CHICAGO & NEW YORK & LONDON–(BUSINESS WIRE)–Anova Technologies, CEO and Founder, Michael Persico sat down with Stephanie Hammer late in 2012 to discuss microwaves for her book “Architects of Electronic Trading; Technology Leaders Who Are Shaping Today’s Financial Markets,” which released last month. Ms Hammer’s book examines and highlights technology leaders in the financial industry, offering readers a glimpse into coming trends and innovations.

“Availability issues can cause staggering financial losses, as well as missed opportunities”
Mr. Persico’s interview with Ms Hammer is detailed in the chapter “Microwaves in Trading: Conquering Resistance.” It serves as a wireless primer whereby readers will gain insights into the physics of radio frequencies, as well as an overview of their usage in the financial industry. Further details include: how microwaves work, certain deployment obstacles, development drivers, and most importantly, game changing innovations.

When asked, “What’s next in microwave?” Mr. Persico touched on the Anova RFConnect laser upgrade, officially launched Q1 of 2013.

We feel strongly that the integration of free space optics with millimeter waves will put wireless transmissions on par with fiber-optic cable in terms of availability – and continue to surpass it in terms of speed. Free space optics entails the use of lasers to transmit data in free space, or air. Anova and its joint venture partner, which owns over 30 patents on this technology, commercialized this out of a decade-long project for the U.S. Department of Defense (DOD). We intend to deploy this technology both in the metro area and over the long haul to optimize the entire route from Chicago to New York. This is highly notable as it is the first new technology to be developed in the RF space in decades. The real benefit here is that this equipment, by virtue of its interwoven signals will increase the current availability of wireless networks from 95 percent to 99.99 percent. (Excerpted with permission of the publisher, Wiley, from Architects of Electronic Trading: Technology Leaders Who Are Shaping Today’s Financial Markets by Stephanie Hammer, June 2013.)

Availability, or uptime, has quickly become a major concern in the wireless sphere. As speeds converge across providers, it will ultimately become the true differentiator. RFConnect’s availability is projected to be 99.99% over a 10KM link. This equates to a total downtime of less than one day per year, versus competitors’ downtimes of 888 to 2976 hours per year (37 to 124 days per year) over the same paths. “Availability issues can cause staggering financial losses, as well as missed opportunities,” Mr. Persico stated. “Particularly painful is when you miss an open, or worse, a leading economic indicator because your RF system is down. Most of the providers today are claiming 95% or better for their uptime SLA, but in reality those networks are likely operating in the 85% uptime range if you remove their trading hour carve-outs and use recent microclimate weather data. However, FSO alters that disappointing reality permanently by now giving firms an availability that is akin to fiber through the air.”

Mr. Persico was honored to share insights in “The Architects of Electronic Trading.” He also participated in the book’s panel “Technology Trends that Matter,” that was held in Chicago in early June. When asked about her interview with Mr. Persico, Ms. Hammer responded, “I make the case in my book that tech leaders excel at communicating the business value of technology. Mike Persico does just that. A gifted teacher, he explains the relevance of microwaves for latency-sensitive market participants in approachable terms. What’s more, his take on enhancing availability of microwaves with laser optics gives readers important perspective on the future of microwaves in the trading space.”

About Anova Technologies: Anova Technologies is the preeminent fiber and wireless exchange connectivity provider, exclusively focused on electronic and algorithmic trading clients. With a dedicated team of engineers and physicists, Anova invented today’s millimeter wave design and deployment standards for trading networks. A champion of self-disruption, Anova continues to push the boundaries of technology for the financial markets, most recently upgrading its RFConnect to a hybrid laser millimeter wave network. Anova’s proprietary networks span all major exchanges throughout the US, Canada, Europe, and South America.

Contacts

Anova Technologies
Denise Heitz
Marketing Consultant
312.540.9594 xt 103
denise@anova-tech.com
http://www.anova-tech.com

Volta’s Great Sutton Street Data Centre Welcomes Custom Connect as a New Carrier with Microwave Connectivity


Volta’s Great Sutton Street Data Centre Welcomes Custom Connect as a New Carrier with Microwave Connectivity

http://low-latency.com/article/volta%E2%80%99s-great-sutton-street-data-centre-welcomes-custom-connect-new-carrier-microwave-connec/?utm_source=weekly&utm_medium=email&utm_campaign=ll_13-06-27

Volta Data Centres, the specialist provider of data centres to the financial, media and content industries is pleased to welcome Custom Connect, the provider of worldwide carrier-neutral connectivity, to their Great Sutton Street Data Centre.

Catering to the requirements of latency-sensitive users in the financial services industry, Volta Great Sutton Street is ideally located in close proximity to City-based trading firms. The combination of Volta’s 33kV diverse power supply and range of carriers with their own fibre connectivity makes Volta Great Sutton Street the most connected and resilient data centre in central London.

Custom Connect, headquartered in Amsterdam has recently expanded its footprint opening up a new office staffed with an experienced team in the City of London. The new partnership with Volta will enable Custom Connect to deliver their services in the heart of the City of London in a state of the art carrier neutral facility. Custom Connect’s full portfolio will become available including the possibility to connect to ultra low latency microwave transmission services.

Julian King, Commercial Director, Volta, said: “We are delighted to welcome Custom Connect into our facility. Working with Custom Connect means we can offer more customer choice in connectivity (both fixed and wireless) for the financial sector, bringing increasing advantages of low-latency and connectivity in accessing both the UK and global financial markets.”

Gareth Richardson, General Manager of Custom Connect Ventures UK, said: “Volta’s Great Sutton Street Data Centre is right on the doorstep of the City of London which is perfect for our trading clients who require high-speed connectivity and resiliency. We placed the highest priority on finding the most reliable, best connected data centre which was in the right location for our customers and we are confident that Volta’s Great Sutton Street Data Centre is the best option.”

 

Evolution of Microwave Technologies for the Financial Industry :: TabbFORUM – Where Capital Markets Speak


Evolution of Microwave Technologies for the Financial Industry :: TabbFORUM – Where Capital Markets Speak.

Perseus Telecom’s Jock Percy on Microwave Technology in the Trading World :: TabbFORUM – Where Capital Markets Speak


Perseus Telecom's Jock Percy on Microwave Technology in the Trading World :: TabbFORUM – Where Capital Markets Speak.

Turning Up the Volume on Wireless from Pete Harris Editor and Publisher, Low-Latency.com


Turning Up the Volume on Wireless

http://low-latency.com/blog/turning-volume-wireless/?utm_source=weekly&utm_medium=email&utm_campaign=ll_13-05-09

blog | May 8, 2013 – 2:15am | By Pete Harris

Judging by the views of a number of wireless network equipment manufacturers and service providers participating in last week’s Low-Latency Summit in New York City, demand from trading firms for low-latency wireless connectivity is strong despite the challenges of reliability, limited bandwidth and cost.

Speaking as part of the “Are You Tuning In to Wireless?” panel were: Jay Lawrence, CEO of wireless equipment manufacturer and network operator NeXXCom Wireless; Andrew Kusminsky, COO and CSO of Perseus Telecom, which operates both fibre and wireless networks; and Marty Snyder, president of wireless network integrator Communications Infrastructure Corp. Also on the panel was Mike Schonberg, director of market data technology at Quincy Data, which distributes low-latency market data via a wireless network provided by affiliate McKay Brothers.

[Listen to an audio recording of the panel here]

On the demand for wireless networks:

“A tremendous amount of demand … triple digit growth for our company,” – Marty Snyder, CIC.

“Early adopters are those that are very latency sensitive but every firm that is still somewhat latency sensitive will need to close the gap to keep up,” – Mike Schonberg, Quincy Data.

“Demand curve is shifting from those looking to build their own wireless networks to those looking to buy a drink on an incumbent network … these things are not cheap to build,” – Jay Lawrence, NeXXCom.

“We launched our [London to Frankfurt] service at the beginning of October 2012 and sold out by the end of the month. We just went live live with a second round of bandwidth and are nearly sold out,” – Andrew Kusminsky, Perseus.

On reliability:

“We’ve learned how to balance reliability with latency … such as trading firms turning back on forward error correction.” – Snyder. Many variables can be tuned in favour of either lower latency or better reliability.

“Intermittent packet loss is a big issue for market data delivery … packet loss [for wireless] happens but not terribly frequently … a lot of packet loss is weather related … it’s on or off,” – Schonberg.

On rain impact specifically … “Millimetre wave is highly affected by rain … depends on tower spacing … four inches of rain for towers a mile apart. Microwave is better … would take six inches of rain an hour at 10 miles between towers to impact it … and at that point you’re better off getting a boat and two of each kind of animal and getting out of dodge,” – Lawrence, NeXXCom.

On bandwidth and costs:

“As bandwidth increases, cost per bit will come down,” – Lawrence.

“Cost per megabit of wireless vs fibre is substantially higher” – Kusminsky. But cost will come down as bandwidth increases. It’s also usually cheaper to build a wireless network compared to a fibre network.  There is just less bandwidth.

In other wireless related news:

* Quincy Data is providing select data from the Chicago Mercantile Exchange delivered via wireless to Nasdaq OMX’s Careret, NJ co-lo data centre in 4.16 milliseconds, with plans to lower that to 4.06 milliseconds by the summer.  It also is delivering CME data via fibre and wireless to Equinix’s LD4 data centre near London in 36.40 milliseconds.

* Colt Technology Services went live on March 27 with its microwave service – provided by Custom Connect MW – connecting NYSE Euronext’s Basildon, UK data centre, where NYSE’s cash and Liffe derivatives markets are located, with Equinix’s Frankfurt data centre, which houses the Deutsche Boerse and Eurex exchanges.

* NYSE Euronext is looking to roll out its own wireless service within the London metro area, and between Basildon and Frankfurt, leveraging both microwave and millimetre wave technology.

* Strike Technologies is providing wireless network technology to Nasdaq OMX to link it with the CME to deliver market data between the two exchanges.  A one-way latency of 4.25 milliseconds is being quoted.

* TLV Networks has launched a microwave network connecting the CME’s Aurora, Il data centre with the 350 East Cermak data centre in Chicago, where many trading firms continue to operate from because it is less expensive than Aurora, or to optimise multi-market trading strategies, such as CME/IntercontinentalExchange. McKay Brothers also introduced its service on that route, with a roundtrip latency of 370 microseconds.

* Hudson Fiber Networks will offer custom wireless networks to customers in the New York and New Jersey metro area, tapping equipment from ULL Networks.

* 325 Hudson has introduced a managed wireless meet me room at it’s new data centre in New York City.

Countering HFT Exclusives, CME-Nasdaq Launch Microwave Connectivity for Market Data


High frequency traders are engaged in an arms race to shave milliseconds off their algorithmic trading programs, but exchanges claim they are out to level the playing field with faster data feeds available to all customers.

via Pocket http://www.advancedtrading.com/infrastructure/countering-hft-exclusives-cme-nasdaq-lau/240154198 May 06, 2013 at 10:20PM

Lasers, microwave deployed in high-speed trading arms race


Lasers, microwave deployed in high-speed trading arms race

http://news.yahoo.com/lasers-microwave-deployed-high-speed-trading-arms-race-145500846.html

By Eric Onstad
LONDON (Reuters) – Laser beams and microwave dishes are the latest weapons in an arms race to shave milliseconds off dealing times in the shadowy world of high-speed, computerized financial trading.
Traders, who make money by exploiting tiny, lightning-fast price changes on exchanges, are now targeting Europe and Asia after skirmishing in the United States.
The first microwave connections between London and Frankfurt have been launched, cutting the time to send a trade by about 40 percent compared with optic fiber cables.
Behind the scenes, rivals are also racing to trim thousandths of seconds from routes to Moscow, Hong Kong and Tokyo, while also scrambling to find new technologies, including the use of drones as platforms for wireless links.
The race to transmit at nearly the speed of light comes as regulators in Europe and the United States debate cracking down on a sector accused of increasing market volatility and multiplying the risk of a market meltdown.
Investors have blamed high-speed traders for exaggerating market movements — including the biggest-ever daily plunge in gold last month — while ethical issues have been raised at a time when the reputation of the financial sector as a whole is under scrutiny as a result of scandals such as banks rigging the Libor interest rate benchmark.
But such questions are not dampening fierce competition among traders and their communications providers to squeeze out more speed.
A laser beam technology developed for the U.S. military for communication between fighter jets is to be used over the route between Britain and Germany in coming months.
“There is more money being poured into this wireless space than any time in its history,” said Mike Persico, chief executive of Anova Technologies, which is building a communications network with wireless dishes and laser beams.
“A lot of things are science fiction, but I like to say we operate in the world of science fact-ion.”
Anova’s public announcement of its new technology before its launch was out of character in a business that is usually shrouded in secrecy as rivals jockey for the fastest connection.
More typical was the battle to erect the first microwave link in Europe.
Perseus Telecom kept quiet last October when it flipped the switch on its London to Frankfurt network, which trimmed several thousandths of a second, or milliseconds, off the time needed to complete a trade. The privately held firm based in New York only showed its hand when European telecoms provider Colt Group SA launched a rival service in February.
“High frequency trading is driven by being either the fastest to market, or equal fastest to market, and coming second is like losing,” said Hugh Cumberland, manager for financial services with Colt.
SERIES OF DISHES
The move to microwave is just one more step by high frequency trading (HFT) companies to seek an edge since they emerged on the scene decades ago with computer black boxes that spew out thousands of trades a second.
HFT has grown to dominate equities trading, although volumes and profits have tapered off since the global financial crisis.
In Europe, high speed trading accounted for 6.7 trillion euros of equities trading volumes last year, 39 percent of the total, analyst Rebecca Healey at consultancy Tabb Group said.
Profits in the U.S. HFT sector slid by 56 percent last year to $1.8 billion, she added.
High-speed trading has been blamed for causing violent lurches on financial markets, such the U.S. “flash crash” in May 2010 when the stock market plummeted more than 1,000 points, or nearly 10 percent, in a matter of minutes.
The top U.S. derivatives regulator said on Tuesday the need to look at regulating automated trading was underscored by a phoney tweet from the Associated Press’ hacked Twitter account, which sparked a short-lived panic in the U.S. stock market last month. Germany is expected to bring in tougher rules governing high frequency trading later this year.
The HFT firms say they provide liquidity to markets, which has narrowed the bid/ask spread and made dealing cheaper for other investors, but critics say that liquidity can evaporate in times of crisis.
As competition has intensified, HFT firms have gone to huge lengths to gain an edge, hiring scientists to develop computer algorithms, and trimming fractions of seconds off trading times by moving their computer servers into exchange data rooms.
In adopting microwave, traders have revived an old technology that was once used to carry U.S. long-distance telephone calls until the volume of traffic forced a move to fiber optic networks, which have much higher capacity.
For HFT, sending data through the air saves milliseconds. On the London to Frankfurt route, Perseus says its microwave system has slashed a round trip to below 4.6 milliseconds compared to 8.35 milliseconds for its high-speed fiber optic network.
Speed in HFT is typically measured in round trip times to gauge how long it takes to send a trade and get a confirmation.
Perseus, which was formed in 2010, spent 10-20 million euros constructing its network of microwave dishes from London to Frankfurt, a time-consuming process involving permits for each tower from various jurisdictions.
“It’s all about being as straight a line as possible. Pull the string as tight as you can without causing it to break,” said Perseus Chief Executive Jock Percy.
Being fastest to transact between two trading centers is most important to one type of HFT strategy, arbitrage, where traders seek to be first to exploit price differences in two securities in different locations.
For example, when a share on the Deutsche Bourse is out of sync with its equivalent futures contract in London or vice versa, HFT computers will simultaneously buy the cheaper one and sell it on the more expensive market.
LASER BEAMS
Anova is betting its laser technology will prove to be another leap for the sector, targeting the weaknesses of microwave dishes: they are easily disrupted by weather and can carry tiny amounts of data compared to fiber optic networks.
The company formed a joint venture with AOptix, founded by two California scientists who developed a high-bandwidth communications network for the U.S. Air Force to send large amounts of data between moving aircraft using rotating lasers.
The new hybrid system – combining lasers and millimeter wave wireless dishes – is due to be first rolled out on short-range U.S. and British networks over the next two months before the first long-haul route to Germany, perhaps next year.
“We see Europe as our first expansion front outside of the U.S. and then we see going both to Russia and Asia as our next stops,” Persico said.
He says the technology — which makes calculations 300,000 times a second to zero in on the tightest beam between towers — is as fast as microwave but as reliable and high-capacity as fiber optics.
Since fiber optic channels typically carry 1,000 times more data than most microwave networks, most HFT firms ration microwave for their most speed-sensitive strategies.
They retain fiber optics for other trades and as a back-up when microwave is hit by weather.
AMBUSH
Persico, who acknowledges rivals are also working behind the scenes, must hope that he is not the victim of the type of ambush that hit traders when microwave emerged in the United States.
At the time, when most speed traders were focusing on improving fiber optics networks, privately owned Spread Networks made a massive investment that Forbes estimated at $300 million.
It built a new fiber optics network between Chicago and New York to improve speed by three milliseconds. After it opened in 2010, customers couldn’t understand why they were being beaten.
Later they realized the first microwave network for traders had been built in secret by rivals.
Asked what might come next, Persico mentioned the use of drones and barges to create a transatlantic wireless network.
“Some people talk about using balloons or satellites and some of what I have heard is even more crazy,” said Alex Pilosov, chief executive of Windy Apple Technologies, which takes credit for building the first microwave network between New York and Chicago.

Anova Technologies Acquires Lowest Latency Microwave between Equinix Facility in Washington, DC and…


Anova Technologies, the preeminent financial and exchange connectivity provider, is pleased to announce its most recent acquisition of a microwave network between the Washington, DC Equinix facility, at 1275 K Street, and NASDAQ, at 1400 Federal in Carteret, New Jersey.

via Pocket http://www.bobsguide.com//guide/news/2013/Mar/19/anova-technologies-acquires-lowest-latency-microwave-between-equinix-facility-in-washington-dc-and-nasdaq.html March 20, 2013 at 09:25PM

Perseus Telecom Announces Fastest Available Microwave Service in European Financial Markets


Perseus Telecom, a leading provider of ultra-low latency, high capacity global networks, today announced its live commercial wireless service in Europe, offering ultra-low latency, high availability and reliability.

via Pocket http://www.bobsguide.com//guide/news/2013/Feb/25/perseus-telecom-announces-fastest-available-microwave-service-in-european-financial-markets.html February 25, 2013 at 06:58PM

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