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As technology improved, so did the speed schemes. Traders began placing poles with signal lights on high hills to transmit messages via telescope ahead of even the fastest stagecoaches.
Soon the invention of the telegraph would drastically change how high speed traders would behave. Power shifted to the telcos who controlled these telegraph lines.
Below thread from @_John_Handel fabulously explains:https://twitter.com/_John_Handel/status/1301990614888845312?s=20 …
Even in the CME trading pits there were constant attempts to gain consistent edge. Traders would wear special platform shoes that let them see & trade over shorter competitors. Where else would official rulebooks include specific limits on shoe height?pic.twitter.com/LZGQoABAos
I say all this to give context. Before the game was fast horses & special telescopes. Today it's glass fiber optic cable and microwave towers. This kind of jockeying has always existed and likely will always exist.
Across all high speed trading eras, one theme is clear: it's nearly impossible to stop smart, very rich traders from finding an edge, whether it be new technology or loopholes in existing laws.
Thank you for sharing! I should write a short thing on how firms monopolized private telegraph and telephone lines to such a degree in late 19th century britain that the post office and telecoms companies literally ran out of space for cables & wires on certain routes
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