A network device for implementing a high speed transmission protocol. The network device includes a plurality of high speed modules which are connected by a plurality of high speed links. Each of the plurality of high speed modules implements the high speed transmission protocol and each of the plurality of high speed modules being implemented in an Ethernet ring topology. A medium access control layer in each of the plurality of high speed modules is modified in a manner that is transparent to a switching entity in each of the plurality of high speed modules. The high speed transmission protocol comprises a plurality of aspects including an in-banding messaging mechanism for efficient and responsive traffic management and network operation.