Ultra Low Latency (ULL) Electronic Trading Network

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Ultra Low Latency (ULL) Electronic Trading Network
HF Monster 48k Crop.PNG
Frequencies 6 MHz,20 MHz
Frequency Range 6 MHz - 20 MHz
Mode RAW
Modulation OQPSK
ACF
Emission Designator
Bandwidth 60 kHz,30 kHz
Location United States
Short Description A 48k or 24k baud OQPSK signal that is strongly suspected (through numerous circumstancial pieces of evidence) to be either an experimental or active P2P RF link between financial market data centers, used for High Frequency Trading (HFT) and other latency-sensitive market activities.
I/Q Raw Recording
Audio Sample

This Ultra Low Latency (ULL) Electronic Trading Network is a 48k or 24k baudBaud (unit symbol Bd) is the unit for symbol rate or modulation rate in symbols per second. OQPSK signal that is strongly suspected (through numerous circumstancial pieces of evidence) to be either an experimental or active P2P RFRadio Frequency link between financial market data centers, used for High Frequency Trading (HFT) and other latency-sensitive market activities. Not much is known on exactly which commercial entity it belongs to, but the link is likely part of a Chicago <-> New York link to connect the NY and Chicago financial hubs.

It is an OQPSK signal with a baudBaud (unit symbol Bd) is the unit for symbol rate or modulation rate in symbols per second. rate of 48k or 24k. Due to natural fading on HFHigh Frequency (3-30 MHz) it is almost never seen at full strength with the natural PSKPhase-Shift Keying rounded amplitude shape. There is usually two of these signals present on HFHigh Frequency (3-30 MHz), one lower frequency than the other.

TDoA suggests that the signal is being transmitted outside of Chicago.

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