@[email protected] Yes, high frequency trading is in a unique space- they don’t care much about bandwidth (compared with a telecom network), but they care a lot about latency. Microwave has a faster velocity factor than fiber, so a lot of the trading firms have their own microwave links. Generally shorter distances (a few hops at most), though I believe there’s a network of relays between Jersey City and Chicago (mostly using old AT&T sites with newer equipment).