True... it's not like there are a lot of rubes out there with orders 400ms before data is scheduled to be released, who aren't still going to be there 400ms lat

True... it's not like there are a lot of rubes out there with orders 400ms before data is scheduled to be released, who aren't still going to be there 400ms later. The question is who gets to do the fleecing of the rubes. So if someone did figure out a way to play the system and get it a little early that's interesting... if someone on the inside is playing fast and loose to make sure the right people get first crack at any small orders that happen to have been left in the system, that's a problem. But, yeah, it shouldn't be super big bucks at stake...beyond some small initial volume, anyone you're going to trade with is going to know what's up.