Coming soon: Treasuries trading at light-speed

Nasdaq OMX Group Inc. is revving the engine of its ESpeed U.S. Treasuries platform. Bond dealers that use ESpeed are gaining access to a microwave network connecting Nasdaq's data center near New York City to a CME Group Inc. (CME) facility just outside Chicago, permitting almost light-speed buying and selling of U.S.debt. Nasdaq will also acknowledge receipt of traders' orders more than 25 percent faster, and the exchange operator will speed up delivery of market data by more than 100 microseconds, or 100 millionths of a second, according to a statement today. The decision to accelerate ESpeed comes amid a debate, intensified by Michael Lewis's critique of the U.S. stock market in "Flash Boys," over whether faster trading does harm.

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