From the Archives: Measuring the 15-Microsecond Dash with Professor Eric “Batch” Budish
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The Randomness of Exchange Architectures
The typical race or the mode and statistics speaks most common was that the difference in time between the winner of the race and the loser of the race was between 0 and 15 millions of a second. There was actually a small percentage of races that had a negative duration because the winners attempt to take the stale quote made it to the exchange a little bit after the loser's attempt to snipe the stale quote. But there's enough randomness in exchange architectures that the winner actually kind of got to the matching first.
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