There used to be less sensitivity to the receive-side time by exchanges, but in many cases there had been an emphasis on fairness and high res timestamps (they

There used to be less sensitivity to the receive-side time by exchanges, but in many cases there had been an emphasis on fairness and high res timestamps (they sell colocation services). Now, many times the first through the post wins. This creates a constant arms race and narrows the field to a handful of competitors. Many companies that survived in the fat tail can no longer do so.