The searches provided excellent results, particularly concerning the history of telegraph and early financial data transmission, and the comparison between analog and digital signals. I have enough information to proceed.
Here's the plan for external links:
- History: The invention and adoption of the telegraph significantly impacted financial markets by speeding up information transmission. I can cite the EH.net article on "History of the U.S. Telegraph Industry"21 and the Federal Reserve Bank of Richmond article "The Great Telegraph Breakthrough of 1866"20. I can also reference the Brown Brothers Harriman article19.
- Practical Applications: Discuss how financial data was transmitted and how analog signals were used before digital. The NYSE history18 and stock market data systems provide good context. I can also use the Forbes article about NYSE data challenges highlighting the shift from traditional to big data17.
- Limitations and Criticisms: The inherent drawbacks of analog signals (noise, degradation) compared to digital. Khan Academy16 and Vaisala15 discuss this. I can also refer to the NetSuite article14 and Matomo article13 on data challenges in financial services, although they mainly discuss data quality in general, the analog limitations contribute to those challenges.
Let's refine the LINK_POOL and then write the article.
Refined LINK_POOL (Internal Links):
- Data transmission
- Signal processing
- Financial data
- Market data
- Electronic trading
- High-frequency trading
- Market microstructure
- Latency
- Bandwidth
- Data integrity
- Noise
- Quantization
- Resolution
- Data analytics
- Digital signal
External Links (Selected & Verified):
- EH.net: History of the U.S. Telegraph Industry:
https://eh.net/encyclopedia/history-of-the-u-s-telegraph-industry/(Good for history/origin, stable academic-ish source)12 - Federal Reserve Bank of Richmond: The Great Telegraph Breakthrough of 1866:
https://www.richmondfed.org/publications/research/econ_focus/2018/q2_feature2(Excellent for historical impact on financial markets, trusted domain)11 - Forbes: At NYSE, The Data Deluge Overwhelms Traditional Databases:
https://www.forbes.com/sites/tomgroenfeldt/2013/02/14/at-nyse-the-data-deluge-overwhelms-traditional-databases/(Shows the shift away from less precise data handling, relevant to limitations)10 - Khan Academy: Analog vs. digital signals (video):
https://www.khanacademy.org/science/physics/electricity-magnetism/analog-digital-signals/v/analog-vs-digital-signals(Good for fundamental differences and limitations like interference, trusted educational domain)9