It was only a decade ago when financial firms left the high rents at high rises in congested New York City for the wide open spaces in cities far away from the Big Apple. But now there’s a drive back to New York as some of these firms are looking to speed up their trading action – measured now in milliseconds – by moving closer to center of activity, the New York Post reports. The paper says the explosive growth of electronic trading has led firms to find ways of lopping off even more milliseconds from transactions, and, as the Post puts it, “every hundred miles count.” “Twelve months ago, a turnaround of 30 milliseconds would have been the fastest trade and people would have been happy,” Michael Cooleen of SAVVIS told the tabloid. “Now that it is down to millseconds to get the best stock price,” which is good news for the New York job market and the firms that supply the equipment and software.
