The sell-side investment bank alone is a huge consumer of this tech budget. 13 exchanges x 3000+ securities x 2 quotes for each security x 23,400 seconds in th

The sell-side investment bank alone is a huge consumer of this tech budget. 13 exchanges x 3000+ securities x 2 quotes for each security x 23,400 seconds in the trading day (with the very very very generous assumption that quotes only change once per second) That’s the inbound data alone, now consider all the algorithms they have to run on it, the models, the strategies, etc. And then to each of their several hundred institutional clients, they have to give a unique and dynamic price. Again, this is only the sell-side investment bank, not even looking at their absolutely gargantuan consumer bank business