Flash boys defeated over 1,000ft masts

FLASH traders have had their bid to build a giant telecoms mast on the Kent coast turned down by councillors.

Dover District Council rejected the bid by two secretive American high-frequency trading firms to build two masts taller than the Eiffel Tower, which is 1,063ft high to its tip.

Vigilant Global – which is owned by Chicago trading firm DRW – and New Line Networks – which is part owned by New York firm Jump Trading – wanted to each build a radio mast in Richborough, north of Sandwich, to increase trading speeds between London and Frankfurt.

The masts hold satellite dishes that can pick up microwave signals which update the traders on the latest stock prices. These masts are utilised by high-frequency traders who use powerful computers to trade huge volumes at high speeds. Information sent by microwave signals are quicker than cables, which run along the ground, by fractions of a second. But this minuscule bit of extra speed enables the traders to make money by buying and selling ahead of their rivals.

But on Thursday night their plans were voted down by Dover council’s planning committee after huge local opposition.

Bernard Butcher, vice-chairman of the planning committee, said: ‘In 26 years as a councillor, this is the worst application I have ever seen. This particular proposal is just unsightly, it’s too incredibly stupid for us to even contemplate.’

The council’s planning department warned the structures would damage local views and harm the character of the area. Planning officer Andrew Somerville said the views from Richborough Roman Fort, a local tourist attraction, would be particularly harmed.

National Grid also said it was worried about potential interference with television signals.

Eric Bellerive, a director at Vigilant, said: ‘It is our firm belief that this proposal would have solved a real problem for the financial industry whilst providing significant value to national and local economies. It is important that we now take time to reflect on the feedback provided by the councillors and evaluate if there is a manner in which a future scheme could progress in a mutually beneficial fashion.’

New Line Networks declined to comment, but they can ask the Government to review the council’s decision.