Peering is the direct exchange of traffic between two networks (autonomous systems), usually free and reciprocal, often done inside an Internet exchange point (IXP). Each network only sees the other's destinations, not the whole Internet.
Peering cuts transit cost and latency for the exchanged traffic. A well-connected data center gives access to several IXPs (France-IX, DE-CIX…) where you can set up peering sessions.
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