A TOWER block rooftop has become the unlikely battleground in a multi- billion-pound bust-up over City trading deals.
The 25,000 sq ft space at the London Stock Exchange Group data centre, a mile from the Canary Wharf financial district, is home to a superfast radio transmitter.
It helps traders complete deals in a fraction of a second but the LSEG refused to let others use the roof, leading to unfair competition claims.
A City source told The Sun on Sunday: “Technology that speeds up a single trade by less than one billionth of a second can mean the difference of millions of pounds to traders.
“The closer you can get to the Stock Exchange computers, the less distance messages have to travel.
“The roof of the London Stock Exchange data centre is about as close as you can possibly get, so it’s no wonder providers were fighting to access it.
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“Each square foot of that rooftop is probably worth billions in the finance world. It’s probably the most valuable tower rooftop in the UK.”
Other high-speed data providers demanded access to the roof so their clients could enjoy the same split-second advantages.
In September, the Financial Conduct Authority concluded LSEG’s exclusive rights to the space was “hindering competition”.
LSEG insisted it gained no speed advantage — but backed down anyway and opened the top of the 11-storey tower to others.
IT systems expert Dr Will Venters said the time savings were invaluable to traders.
He added: “It’s like knowing the future.”
