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Tangential question :

What are the barriers to entry to HFT?

Or, put differently - how well funded would a venture have to be to realistically compete in this space?

Assuming talent (e.g. market knowledge, quantitative skills, ML competence) was not an issue - how realistic would it be to get access to the fiber & real estate necessary to compete with the very few market leaders?

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Fees million at most. Real estate + connections are commoditized - tens of thousands a month for starting out.

> tens of thousands a month for starting out.

I couldn't find any reports of prices that low. According to one article, at least, Spread [1] charges ~$300k a month.[2]

[1] http://spreadnetworks.com/network-map/

[2] http://www.motherjones.com/politics/2013/02/high-frequency-t...

My NDA prevents me from discussing pricing. If you look up my resume and do some sleuthing, you can probably piece together the details of where to go for it.

spread has an interconnect between Chicago and New York but that is not generally useful for HFT stock trading since nearly every execution venue is in New Jersey.

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