Furthermore, if all your competitors have to incur the same fixed latency, then this is irrelevant. Just because one system is 200mics and another is 201mics do

Furthermore, if all your competitors have to incur the same fixed latency, then this is irrelevant. Just because one system is 200mics and another is 201mics doesn’t mean the 201mic one is good enough. HFTs are competing on what they can control, because if that trade comes with 199mics of network latency, it means the first firm will make a good trade every time, and the second will be shut out.