The handoff of the market data feed is over multicast but the connection at L3 to the exchange is BGP. Since everyone has the same latency from the feed, the g

The handoff of the market data feed is over multicast but the connection at L3 to the exchange is BGP. Since everyone has the same latency from the feed, the goal is to take the feed in and fanout to host as fast as possible. So ideally one port on this switch is to the exchange and the others direct to servers or if you need more scale to another lay of low latency switches that the server farms connect to. For all the money spent on this it is really pretty simple from a networking point of view.