Interestingly, the exchanges have been under fire from the SEC in regards to the dissemination of marketdata. Are the exchanges sending out data from their prop feeds at the same time it is submitted to the SIP?
Well if it is measured at the 1-second or 1-millisecond level, yes the exchanges are in compliance. At the 100-microsecond, 10-microsecond and nanosecond level, perhaps the exchange is in compliance at the 50th percentile.
It will be interesting to see if the pressure on the exchanges changes course as they empathize with the same type of dissemination problem.
Well if it is measured at the 1-second or 1-millisecond level, yes the exchanges are in compliance. At the 100-microsecond, 10-microsecond and nanosecond level, perhaps the exchange is in compliance at the 50th percentile.
It will be interesting to see if the pressure on the exchanges changes course as they empathize with the same type of dissemination problem.