2 ms·

Thanks! I didn't realize that exchanges need to route orders to any other exchange with a better published price. That's a great rule. I assume that most ATS's

Thanks! I didn't realize that exchanges need to route orders to any other exchange with a better published price. That's a great rule. I assume that most ATS's are located within a short distance of each other. Really helpful post. Thanks for the information.

nihilum 15y ago
> "I assume that most ATS's are located within a short distance of each other." ... if only. Reg NMS is a massive headache. This sort of price convergence would be better left to the arbitrageurs. Let the market deal with the light speed issues instead of trying to regulate physics.
- paulsutter 15y ago
  Fascinating. Even more interesting. Thanks for the information.