High-speed traders' plan to build radio masts taller than Eiffel Tower in Kent thwarted by Dover District Council

'it’s too incredibly stupid for us to even contemplate... In 26 years as a councillor, this is the worst application I have have ever seen' - Bernard Butcher, vice chair of planning committee

The American technology companies hoped to build the fastest trading link between London and Frankfurt (Getty)

Local officials in rural England rejected an “incredibly stupid” proposal by a group of high-speed traders to build radio masts as tall as the Eiffel Tower, dashing plans to open the fastest possible trading route between financial markets in London and Frankfurt.

At a public meeting last night, Dover District Council rejected separate planning applications from Vigilant Global, and New Line Networks. Representatives from both firms declined to comment.

By shaving a few milliseconds off the time it takes to buy and sell securities, so-called 'flash boys' gain an edge over rivals and exploit tiny discrepancies in prices, potentially making millions of pounds.

“In 26 years as a councillor, this is the worst application I have have ever seen,” said Bernard Butcher, the vice chairman of the planning committee in his response to Vigilant’s application. “This particular proposal is just unsightly, it’s too incredibly stupid for us to even contemplate. There have to be other locations where it will not cause so much havoc and unsightliness.”

On one side of the council chamber were suited executives from the world of high-speed trading and their planning and public relations advisers. On the other: members of the public opposed to the erection of two 300-metre-plus (980 feet) masts in the nearby countryside. Vigilant and New Line Networks had waited a year for the council to decide whether they could proceed with their plans, which would have shortened trading times between Europe’s two biggest financial centres.


 
 (Reuters)

Planning officer Andrew Somerville laid out the case against the masts: they would spoil views from Richborough Roman Fort, one of the area’s main tourist attractions; they presented no benefit to the national economy; and Vigilant, at least, had failed to sufficiently assess the potential danger to the local environment, including its population of water voles.

After the local official had recommended that the masts be blocked, the 10-member committee of elected councillors took turns criticising the plans, leaving little doubt as to the eventual verdict. Vigilant’s proposed 305-metre tower was rejected by nine votes with one abstention. New Line Networks’ tower was unanimously blocked.

The speed traders have one last card to play. They can appeal to the U.K.’s central government, arguing that the towers have a wider benefit to the British economy. Ultimately, a minister could overrule Dover District Council, allowing the project to go ahead, said Iain Gilbey, a partner at law firm Pinsent Masons who specializes in infrastructure planning.

“It’s a bit of a wait and see,” Gilbey said.

Bloomberg