Can you describe in detail what "games" this enables and how often they actually happen in the data? You claim SIP slowness enables a fictional trade called "la

Can you describe in detail what "games" this enables and how often they actually happen in the data? You claim SIP slowness enables a fictional trade called "latency arb" where HFTs can trade with orders at stale prices, for example: -A user is pegged to mid at a pool where they think NBBO is bid: 20.01 ask: 20.02 -An HFT with direct feeds sees the market go to 20.02 bid 20.03 ask -The HFT buys the midpoint order on the dark pool at 20.015 -User regrets trading since they could have sold 20.02 How often does this really happen and how is it really any different from the following scenario: -A user is pegged to mid at a pool where they think NBBO is bid: 20.01 ask: 20.02 -An HFT with direct feeds sees the market as 20.01 bid for 100000 shares and 20.02 ask for 1 share. -The HFT predicts the price will move up with near certainty and buys the order for 20.015 -User regrets trading since they could have joined small 20.02 ask and traded quickly If the user or broker is pegging their order to the midpoint and not adjusting it based on market conditions, they're going to trade at disadvantageous times no matter what. I'm not sure how pricing off the SIP makes a big difference. It's not HFT's fault that the broker sucks and can't trade well.