The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

The winter’s tale: shares sell slower when it snows

To get an edge in trading, check the weather forecast.

Snow begins to fall in front of the New York Stock Exchange

In 2019 the New York Stock Exchange (NYSE) applied for permission to plop a new piece of kit on the roof of its data centre in Mahwah, New Jersey. The microwave antenna was controversial as soon as the town’s zoning board said it could go ahead – the approval granted only enough capacity for one provider.

The new antenna bypassed the wired ‘last mile’, which is in fact about a quarter of a mile of fibre optic cable running from the nearest commercial antennae to the Mahwah data centre. To customers happy to pay NYSE as much as $45,000 for access, the new antenna would open the door to the awesome prize of fractionally lower latency. Those that cannot do so will be losers in the data race.

The stakes were high. Market makers, including Virtu Financial, complained to the Securities and Exchange Commission (SEC) that the arrangement gave a monopoly to NYSE’s own connectivity division, Secure Transaction Financial Infrastructure.

The move, said Virtu, had the effect of moving the NYSE’s “floor” to the roof of its data centre.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree