摘要翻译：
高频交易已经导致人们广泛努力减少物理上遥远的交易所之间的信息传播延迟。使用相对论上正确的毫秒分辨率刻度数据，我们记录了从2010年4月27日到2012年8月17日芝加哥和纽约地区之间单向通信时间减少了3毫秒。我们将这一下降的第一部分归因于2010年末引入的延迟优化光纤连接。潜伏期下降的第二个阶段可归因于视线微波网络，主要在频谱的6-11 GHz区域运行，于2011年和2012年获得许可。利用公开的信息，我们估计这些网络的延迟和带宽。我们估计，与这些延迟改进相关的基础设施和5年运营成本总额超过5亿美元。
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英文标题：
《Information Transmission Between Financial Markets in Chicago and New
  York》
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作者：
Gregory Laughlin, Anthony Aguirre, Joseph Grundfest
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最新提交年份：
2013
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Trading and Market Microstructure        交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
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英文摘要：
  High frequency trading has led to widespread efforts to reduce information propagation delays between physically distant exchanges. Using relativistically correct millisecond-resolution tick data, we document a 3-millisecond decrease in one-way communication time between the Chicago and New York areas that has occurred from April 27th, 2010 to August 17th, 2012. We attribute the first segment of this decline to the introduction of a latency-optimized fiber optic connection in late 2010. A second phase of latency decrease can be attributed to line-of-sight microwave networks, operating primarily in the 6-11 GHz region of the spectrum, licensed during 2011 and 2012. Using publicly available information, we estimate these networks' latencies and bandwidths. We estimate the total infrastructure and 5-year operations costs associated with these latency improvements to exceed $500 million.
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PDF链接：
https://arxiv.org/pdf/1302.5966