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What are those buckets of money?

Also, IEXs delay is less than the delay between existing exchanges because of speed of light limits, so massively seems inappropriate.

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You might be surprised (when talking about the U.S equities exchanges at least): http://anova-tech.com/wp-content/uploads/2014/09/market-data.... The LoS distances in NY are on the order of 5-30mi and the lowest latency links are over microwave and laser.

The Chicago Stock Exchange is 15 milliseconds away from all the others. There isn't much trading volume there, though [1].

[1] http://batstrading.com/market_summary/

Derivatives are traded in massive volume on the Cboe which is why the time between New Jersey and Chicago is so important

The CBOE matching engine is in New Jersey, along with the equities exchanges (http://www.automatedtrader.net/news/exchange-news/141860/cbo...). The Chicago-NJ latency race is more about futures traded on CME.

Here are some newer numbers: http://www.mckay-brothers.com/wp-content/uploads/2016/06/201...

CME -> NY4 latency is now slightly higher than that allowed by the speed of light.

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