Hibernia Atlantic announced on September 30, 2010 to build to a new transatlantic submarine cable system, Project Express. Project Express will be carefully designed to offer the lowest latency cable route from New York to London, to meet the requirement of financial community, especially to offer High Frequency Traders the unique latency under 60 milliseconds from New York to London.
The Project Express submarine cable system will be a part of Hibernia’s Global Financial Network (GFN) which currently unites hundreds of global banks and financial exchanges with a single connection. The GFN was built for the financial community and meets their demanding performance and reliability requirements. Project Express will only strengthen the GFN as the fastest route across the Atlantic.
“Demand for low latency routes has grown exponentially over the past several years,” states Bjarni Thorvardarson, CEO of Hibernia Atlantic. "Project Express will offer the lowest latency from New York to London and provide demanding customers the speed and accuracy they require." Furthermore, the new Express transatlantic cable will allow customers to reach other key financial cities and will offer lowest latency connections between Frankfurt and London and into Chicago, New York City and Toronto.
Additionally, Toronto will now connect into London at sub 70ms over Project Express.
Project Express will be built with the state-of-the-air 40G technology and can be upgraded to 100G technology in the future. Project Express consists of an entirely new four fiber pairs trans-Atlantic optic cable, in a carefully designed shortest trans-Atlantic route, to facilitate New York to London Round Trip Delay (RTD) at sub 60ms.
The first phase of the Project Express will begin with a new cable from the County of Somerset in the UK, to Halifax in Canada, then connect to Hibernia’s current low latency cable from Halifax to New York. In addition, the new system will include branching units for future latency enhancements to the US and Continental Europe.
The Project Express is expected to be completed by the summer of 2012.