if you threw a baseball at .9c from a major league pitchers mound, it would still take more time to get to the batters box than the tick-to-trade of some hft firms
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You can measure it as the time between the ingestion of a mkt data message over a multicast mkt data feed and the receipt of an order ack message over the order entry line, generally both of those messages are timestamped by an internal msg broker that runs on a colocated box
Of course lots happens in between A and B, you gotta internally multicast data to trading apps which decision a trade, put it out on the street (usually over a binary order entry line for US equities) and go through a bunch of exchange infra before you actually get an order ack
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@drewg__@theemilyaccount Also now I’m pondering the distance between the firm’s servers and the exchange’s matching engine and it’s on the order of “length of my living room” -
Except for iex where it's living room+a few hundred yards of fiber
End of conversation
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