> Experimental licences have more bandwidth than commercial licences, allow for “frequency hopping”
I think there is another angle to this where the modulation scheme makes a lot of the difference. If you figure out a way to send market information below the noise floor (i.e., spread spectrum schemes) how would anyone even know what you are doing?
If I was operating an HFT firm I would be all-in on the "ask for forgiveness, not for permission" angle, because the politics around my business are really nasty.
> I would be all-in on the "ask for forgiveness, not for permission" angle, because the politics around my business are really nasty
Securities are one of the few parts of the American economy regulated like a European sector. Complain-investigate regimes. Various agencies at multiple levels who can ban you from industry and fine you. The rational response is to turn risk tolerance down, not up.
I think there is another angle to this where the modulation scheme makes a lot of the difference. If you figure out a way to send market information below the noise floor (i.e., spread spectrum schemes) how would anyone even know what you are doing?
If I was operating an HFT firm I would be all-in on the "ask for forgiveness, not for permission" angle, because the politics around my business are really nasty.