I'm going to QT because I want to keep the discussion going You can break it down into two core issues - Market Structure - The Total Addressable Market of Global Finance Lets talk about market structure first because I think its actually the more important one, because this directly translates into better products It should be no surprise to anyone that has studied the financial system that over time as we moved from paper trading to electronic trading, systems got faster. As a result, physical proximity to the matching engine gave trading firms a unique advantage from being physically colocated in the same data center or having a direct fiber link to the matching engine If you haven't gone down this rabbit hole, I encourage you to read the history of Flash Boys. There is a reason trading firms spend so much money optimizing networks, microwave links and private fiber lines, because milliseconds in latency can translate into billions of dollars NYSE even normalizes fiber lengths for the same connection service inside its Mahwah data center, regardless of which hall or cabinet a firm uses. The goal is to remove the advantage of simply having a closer rack. This is described in ICE’s colocation specifications Remaining thoughts here: https://t.co/8gs2vq9IdJ