Nit: the microwave networks themselves are a standard feature of a lot of exchanges, such as SIX and CME. There is some posturing between companies building rec

Nit: the microwave networks themselves are a standard feature of a lot of exchanges, such as SIX and CME. There is some posturing between companies building receivers that you may have heard about[1], but that is largely because companies are building towers so close they are causing interference. The tower location does not have much of an effect on latency because the microwave network in this case always terminates at NYSE. If you build your microwave tower a few feet closer to the transmitter (Chicago), then you have to run a few more feet of cable to the colo. [1] https://www.bloomberg.com/news/features/2019-03-08/the-gazillion-dollar-standoff-over-two-high-frequency-trading-towers https://www.bloomberg.com/news/features/2019-03-08/the-gazil...