Some of the world's top trading firms have agreed to build a faster data transmission network between Chicago and Tokyo, according to a person familiar with the matter, a move that will accelerate trading between two of the major centers of finance.
The roster of firms in the joint venture — dubbed Go West — includes IMC, Jump Trading, KCG Holdings, Optiver, Tower Research, DRW's Vigilant division, Virtu Financial and XR Trading, according to the person, who asked not to be identified because the agreement is private. A representative for the group declined to comment.
Go West, the person said, will be made up of existing wireless towers, fiber-optic lines and undersea cables. Firms outside the original consortium will be able to access the network starting in 2017, the person said, adding that the group's aims include creating a level playing field for all traders and sharing the expense of building the network.
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