I remain convinced that this is Starlink's short-term customer if their promises are true. They are doing transmission via optical as the crow flies. If they're doing O-O, or even low latency O-E-O, they can beat transatlantic fiber. For HFT houses, that's potentially a major edge.
What happens in the global market if a single person consistently has a timing advantage over every other participant(because the barrier to building a global satellite network is too high/costly for anyone else)? Could Elon come to own the entire market, or is there some limit to the powers of arbitrage?
but shortwave will be competitive with spacex, although at, of course, lower capacities.
for inter-market trading, sub-ms latency differences don't matter that much.