20+ years I had some security discussions with a major exchange in the USA. In the same building were offices of Goldman Sachs and another bank (Morgan or Merril, don't remember). Anyway there was a single thinnet (10base2 ethernet) that connected them to the exchange. Yep, a quick sniff showed that everyone could see everyone else's traffic.
My contacts were genuinely surprised that this was even possible. But also I was told there would be no contract if I mentioned this to upper management in my report.
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I used to write trading software - had test FIX accounts on live cbot, cme, xetra, Liffe, lme, etc.
Decided to see if I could still log in to any of them about a year ago. Still could on half of them. I left that gig a decade ago.
Oh, and a few of them have no trade limits or risk management.
Boggle.
20+ years I had some security discussions with a major exchange in the USA. In the same building were offices of Goldman Sachs and another bank (Morgan or Merril, don't remember). Anyway there was a single thinnet (10base2 ethernet) that connected them to the exchange. Yep, a quick sniff showed that everyone could see everyone else's traffic.
My contacts were genuinely surprised that this was even possible. But also I was told there would be no contract if I mentioned this to upper management in my report.
There was no contract.