The invention relates to a Mach-Zehnder modulator comprising a first optical waveguide forming a first modulator arm and a second optical waveguide forming a second modulator arm of the Mach-Zehnder modulator, an electrode arrangement comprising a plurality of first waveguide electrodes for applying a voltage across the first optical waveguide and a plurality of second waveguide electrodes for applying a voltage across the second optical waveguide, at least one electrically conductive connecting element generating a short-circuit between at least one of the first waveguide electrodes and at least one of the second waveguide electrodes. The electrode arrangement is a travelling wave electrode arrangement further comprising a first and a second electrical line extending at least partially parallel to the first and second optical waveguide. The first and the second waveguide electrodes are connected to the first and second electrical lines via connecting structures.