为了3.2纳秒的斗争！

Core Viewpoint - A significant dispute has arisen in the global high-frequency trading sector, focusing on a speed competition transitioning from milliseconds to nanoseconds, with allegations against the German Eurex exchange for allowing certain trading firms to gain a speed advantage through a controversial strategy known as "Corrupted Speculative Triggering" (CST) [1][6]. Group 1: Allegations and Complaints - French high-frequency trading firm Mosaic Finance has filed a complaint with the European Commission, accusing Eurex of facilitating unfair practices that allow a small group of companies, including Optiver, to maintain a speed advantage of approximately 3.2 nanoseconds by sending large amounts of invalid data to the exchange [6][9]. - This strategy is estimated to have generated up to €600 million (approximately $700 million) in profits for its users over the past three years, while Eurex has benefited from increased revenue by selling fast data connection services to these firms [6][9]. Group 2: Eurex's Response - Eurex, part of the Deutsche Börse Group, has firmly denied the allegations, stating that all substantive concerns have been thoroughly reviewed and that the exchange adheres to strict rules and possesses tools to detect abnormal data [2][11]. - Despite the denial, Eurex has announced a system monitoring upgrade set to take effect in April, which is widely viewed as a response to the ongoing controversy surrounding the CST strategy [2][11]. Group 3: Technical Aspects of CST - The controversy centers around a complex technical operation where competitors allegedly use Ethernet protocol rules to send large amounts of invalid or "corrupted" data packets to gain a speed advantage [3][8]. - This "data bombardment" technique allows traders to keep their connections active and save approximately 3.2 nanoseconds when placing orders through Eurex, which can be critical in high-frequency trading scenarios [8][9]. Group 4: Market Impact and Fairness - The inability to utilize this technology has led to severe consequences for companies like Mosaic Finance, which experienced a 90% drop in profits in 2022, attributing this decline to competitors exploiting the CST strategy [9][10]. - The founder of Mosaic Finance has called for a thorough investigation into whether Eurex has encouraged practices that distort market fairness, emphasizing that while competition is acceptable, it must be conducted with legitimate means [9][10]. Group 5: Ongoing Competition and Future Outlook - The high-frequency trading industry is characterized by an ongoing "arms race," with traders previously competing for millisecond advantages now vying for nanosecond gains [7][11]. - Despite Eurex's efforts to address the issue, industry insiders believe that traders will continue to seek new methods to gain speed advantages, indicating that the competition for nanosecond supremacy is far from over [11].