Kind of puts the kabash on pirates operating on that part of the band. That is 30 kHz of valuable spectrum for what if you ask me, a crazy idea. Does anyone really believe that high-frequency trading (HFT) over an HF network has less latency than a solid fibre network connection? They are talking microseconds. Seriously.
Yes, absolutely HFT over HF will have less latency than a fiber connection. HFT potentially leverages nanoseconds of difference in time, and the difference between fiber and radio can be much more than microseconds, it can be milliseconds. If you ever look at the way HFT works you will find that they use automated software and short duration variations in stock value to "buy low and sell high". Even a stock that over minutes of time is down, will have short periods when it is up, just a little bit. They may buy 10 million dollars of a stock at say 6.29378, and 50 microseconds later the value is 6.30052, so they sell. In that 50 microseconds they made $10,709, even if the total value of the stock is down drastically, say 6.27, 2 seconds later. The guy who can see, and respond, to that short duration rise first is the guy who can make the most money off it. Microseconds count.
On average, light in fiber travels about 31% slower than radio waves do, or, if you prefer, the Vp of average fiber is about 0.69 c. Specifically designed high speed fiber will be faster, maybe up to 0.84 c. But that is still slower than radio.
Not counting overhead latency, a 1500 km path over high speed fiber will take about 6 milliseconds, and over more average fiber it will take about 7 milliseconds. Over radio this same propagation delay will be about 5 milliseconds. Radio links will be 15%, or more, faster. Now push that to coast-to-coast or transoceanic distances.
When microseconds count, radio can be multiple milliseconds faster.
In the case of this signal, if you look at Part 5 experimental license WI2XNX and WJ2XXI you will find a close match for the frequencies used. And the FSK emission description might fit also. The 4-QAM description might fit other possible HFT signals we see on the bands.
https://fcc.report/company/10Band-LLCYes, the signal we are seeing in this case probably cannot be used for actual trading purposes. Although there are several versions of the signal, and the speeds change, the data in it does not appears to change for long periods of time. But maybe they are using it for experimental purposes, to build information or experience they need for something else.
This is what it looks like right now (1622z) here:

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