La fonte è il mio amico Hunsader (miglior financial data analyst al mondo), fondatore di NANEX , che ha gentilmente autorizzato la riproduzione del file di cui sotto su questo blog.
Quando costa avere un vatanggio competitivo di tipo temporale nella negoziazione sui mercati, pari a 883 microsecondi? 1.1 milioni di $ all' anno esclusi i costi inerenti all' hardware, ai data scientists, ecc.
Perché HFTs, internalizzatori, investitori sofisticati desiderano avere tale vantaggio.? Qui potete trovare alcune risposte.
| Total Advantage | 883μ | ||
| Total Annual Price for Advantage | $1.116.600 | ||
| Differential Between Fastest and Slowest Access and Data Options for Routers | |||||||||
| Market Data Feeds (Content) | |||||||||
| Premium Option | Low Cost Option | ||||||||
| Exchange | Feed Type | Latency Added | Annual Cost | Feed Type | Latency Added | Annual Cost | Speed Advantage | Annual Price for Advantage | |
| NYSE | Direct (Routing Non-Display) | N/A | $252.000 | ||||||
| NASDAQ | Direct (Routing Non-Display) | N/A | $150.000 | ||||||
| BATS | Direct (Routing Non-Display) | N/A | $60.000 | ||||||
| NSX | Direct (Routing Non-Display) | N/A | $6.000 | ||||||
| ALL | Direct (Routing Non-Display) | N/A | $468.000 | SIP | 500μ | $144.000 | 500μ | $324.000 | |
| Order Entry Cross Connects (Physical Ports) | |||||||||
| Premium Option | Low Cost Option | ||||||||
| Exchange | Cross Connect | Route | Latency | Annual Cost for XC | Cross Connect | Latency | Annual Cost for XC | Speed Advantage | Annual Price for Advantage |
| NYSE | 40 GB | Switch to ME | 62μ | $240.000 | 1 GB | 74μ | $60.000 | 12μ | $180.000 |
| NASDAQ | 40 GB | Switch to ME (11μ -23μ faster than 1GB) | 72μ | $240.000 | 1 GB (11μ -23μ slower than 40GB) | 89μ | $30.000 | 17μ | $210.000 |
| BATS | 10 GB (Binary) | Port to ME Round Trip | 82μ | $48.000 | 1 GB (Binary) | 104μ | $24.000 | 22μ | $24.000 |
| Market Data Connectivity (Inter-Datacenter Network) | |||||||||
| Premium Option | Low Cost Option | ||||||||
| Exchange | Connection Type | Route | Latency | Annual Cost | Connection | Latency (HFN map) | Annual Cost | Speed Advantage | Annual Price for Advantage |
| NASDAQ | Wireless (50Mbps) | Mahwah <> Secaucus | 118μ | $120.000 | Fiber (SFTI 100Mbps) | N/A | N/A | N/A | N/A |
| NASDAQ | Wireless (50Mbps) | Carteret <> Secaucus | 90μ | $120.000 | Fiber (SFTI 100Mbps) | 150μ | $31.200 | 60μ | $88.800 |
| NASDAQ | Wireless (50Mbps) | Carteret <> Mahwah | 192μ | $240.000 | Fiber (SFTI 100Mbps) | 320μ | $31.200 | 128μ | $208.800 |
| NYSE | N/A | Carteret <> Secaucus | N/A | N/A | Fiber (SFTI 100Mbps) | N/A | N/A | N/A | N/A |
| NYSE | Wireless (20Mbps) | Mahwah <> Secaucus | 120μ | $246.000 | Fiber (SFTI 100Mbps) | 200μ | $31.200 | 80μ | $214.800 |
| NYSE | Wireless (20Mbps) | Mahwah <> Carteret | 191μ | $246.000 | Fiber (SFTI 100Mbps) | 318μ | $31.200 | 127μ | $214.800 |
| Order Entry Ports | |||||||||
| Premium Option | Low Cost Option | ||||||||
| Exchange | Connection Type | Latency | Annual Cost | Connection | Latency | Annual Cost | Speed Advantage (avg) | Annual Price for Advantage | |
| NYSE | Binary | Port to ME Round Trip | 163μ | $6.000 | FIX | 250μ | $6.000 | 88μ | $0 |
| Nasdaq | Dedicated Ouch | Port to ME Round Trip | 2000 msg/s | $66.000 | FIX | 1200 msg/s | $6.000 | 800 msg/s | $60.000 |
| BATS | Binary | Port to ME Round Trip | 82μ | $6.000 | FIX | 104μ | $6.000 | 22μ | $0 |
| Market Data Delivery | |||||||||
| Premium Option | Low Cost Option | ||||||||
| Exchange | Connection Type | Latency | Annual Cost | Connection Type | Latency | Annual Cost | Speed Advantage | Annual Price for Advantage | |
| NASDAQ | FPGA ITCH | $30.000 | TCP/IP | $9.000 | 34μ | $21.000 | |||
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