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All exchanges should have synced clocks and all messages should have a timestamp up to 2 seconds in the future when they will be published by each exchange. The buffering would be internal to each exchange and not shared with anybody. You can only cancel after what you are cancelling is published. This would allow everyone to make all exchanges publish at once so people with fast cable between exchanges can't beat out those that don't.


>This would allow everyone to make all exchanges publish at once so people with fast cable between exchanges can't beat out those that don't.

Why is one actor paying for an advantage that is available to anyone who should desire it, and have the means to pay for it, an issue?


What do you think would happen to bid-ask spreads if this was imposed?




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