ГўВЂВњIt was because the traffic was going through layers and layers of corporate switching equipment.ГўВЂВќ ГўВЂВњBut the latency wasnГўВЂВ™t mainly due to the physical distance,ГўВЂВќ says Serge. Every signal sent was required to pass through the mother ship in Manhattan before it went back out into the marketplace. Their high-frequency-trading platform was designed, in typical Goldman style, as a centralized hub-and-spoke system. (The top high-frequency-trading firms chuck out their old gear and buy new stuff every few months.) But it could also be caused by slow, clunky softwareГўВЂВ”and that was GoldmanГўВЂВ™s problem. ГўВЂВњEverything more than that is the friction caused by man.ГўВЂВќ The friction could be caused by physical distanceГўВЂВ”say, if the signal moving across the street in Carteret, New Jersey, traveled in something less direct than a straight line.

ГўВЂВњThe theoretical limit from Chicago to New York is something like seven milliseconds,ГўВЂВќ says Serge. Proximity, he assumed, must offer Goldman Sachs some advantageГўВЂВ”after all, why else buy the only building anywhere near the exchange? But when he looked into it he found that, to cross the street from Goldman to NASDAQ, a signal took five milliseconds, or nearly as much time as it took a signal to travel on the fastest network from Chicago to New York. When Serge arrived, 40,000 messages per second were flying back and forth between computers inside the two buildings. The building housed GoldmanГўВЂВ™s dark pool. Goldman owned the lone (unmarked) building directly across the street from NASDAQ in Carteret, New Jersey. One small example of the kind of problems Serge found: GoldmanГўВЂВ™s trading on the NASDAQ exchange. Where did you go to university? acheter viagra avec mastercard Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure. An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the personвЂ™s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). I read a lot prix levitra 10mg orodispersible Under Rule 8.3(a) of the City Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified.

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