Nice overview. The fast vs smart comparison is apt. But something that gets missed in these conversations is what trading system architectures actually look lik

Nice overview. The fast vs smart comparison is apt. But something that gets missed in these conversations is what trading system architectures actually look like. The part where latency is measured in nanoseconds is just the tip of the iceberg. Java and 2007 tech is absolutely acceptable for most of the architecture. Another thing is the structure of Equity and Derivative markets vs FX. The former is fairly standardized. You'll need infrastructure at a handful of exchanges in 2 or 3 cities. Microwave networks and FPGA's are the norm. But for FX markets, where these guys trade, the picture is much more messy. There are countless places to trade. Co-location means different things at all of them. The entire structure is much less regulated and understood. As a result, strategies and trading system architecture looks much different.