https://sniperinmahwah.wordpress.com/2018/05/07/shortwave-tr...
https://sniperinmahwah.wordpress.com/2018/05/07/shortwave-tr...
The speed (latency) of the EM spectrum is the effective celerity of the medium: this doesn't differ in the air between microwave and shortwave in any meaningful way.
The speed (throughput) achievable on a given frequency is limited by the period of that frequence, high wavelengths can modulate more signal. Microwaves are higher frequency than radio by definition, so they have a higher throughput.
Neutrinos don't exceed the speed of light, and make a very bad medium of transmission given the near-complete lack of interaction with baryonic matter.
That's a maybe. Still, good point.
As you say the downside is available bandwidth and throughput.
Most markets, in terms of their daily volume, are open at night, but very thinly traded until EU hours, but some do see action in Asia hours. It’s just about liquidity.
Maybe you’re thinking of single name equity markets, which are a fraction of daily trading.
I think the one of the main reasons is government concerns about shenanigans happen overnight without oversight / flash crash. That being said I presume all the breakers that would halt trading activity are probably automatic but potentially not all of them (I think the US did things like that during the housing collapse).
Either way it's more sensible to build high throughput microwave networks given the tiny amount of shortwave bandwidth we have.