Speed wins regardless of the number of exchanges. Even with a single venue, the first participant to execute a trade captures the embedded value and removes tha

Speed wins regardless of the number of exchanges. Even with a single venue, the first participant to execute a trade captures the embedded value and removes that opportunity for all other players. As a corollary, in any given market, only one or two firms can successfully run such latency-arb strategies. Most HFT strategies do not do this.