PTG Recommendations for 25G Client Connectivity Migration in Trading Infrastructure

Exchanges are considering upgrading from 10G to 25G client connectivity, citing capacity concerns, aging infrastructure, and hardware providers diverting resources away from lower bandwidth offerings. Migrating from 10G to 25G represents a material change to market infrastructure, and introduces cost, complexity, and risk across the ecosystem. As such, the migration warrants transparency, coordinated planning, rule filings subject to notice-and-comment, and broad industry alignment before proceeding. Most importantly, any migration should proceed only after production-grade 25G equipment is widely available and proven.